Oil Prices Retreat From Near Six-month Highs On Hopes For Diplomacy
(RTTNews) - Oil prices fell more than 2 percent on Monday after reports of diplomatic efforts to reduce regional tensions in West Asia.
Brent crude futures slumped 2.1 percent to $114.29 a barrel after having hit a six-month high above $116 a barrel on Friday following reports that the Trump administration may consider strikes against Iran after the November 3 mid-term elections. WTI crude futures plummeted 2.5 percent to $100.73 a barrel.
A Qatari delegation arrived in Tehran on Sunday as part of renewed diplomatic efforts to de-escalate reginal tensions in coordination with the United States.
Saudi Arabia partially resumed operations at King Khalid International Airport in Riyadh on Sunday, even as Yemen's Iran-aligned Houthis vowed to keep striking the facility, calling it a "military target."
Also, Singapore and Saudi Arabia have announced plans to store Saudi crude oil in the underground Jurong Rock Caverns from the second half of 2027 as part of a plan to cope with disruptions from the U.S.-Iran war.
In an interview with Fox News' Sunday Morning Futures, U.S. President Donald Trump said it's "getting to be decision time" on whether he will make a deal with Tehran or resume attacks.
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