Oil Prices Slump As Iran-Qatar Talks Continue
(RTTNews) - Oil prices tumbled on Monday as investors weighed reports of continued talks between Iranian and Qatari officials aimed at ending the U.S.-Israeli war on Iran against fears of renewed U.S. military action against Iran.
Brent crude futures slumped more than 4 percent to $108.80 a barrel while WTI crude futures were down 4.2 percent at $99.71.
Ongoing discussions involving Iranian officials and Qatari mediators have raised hopes of possible breakthrough that could ease supply concerns and improve the outlook for global energy markets.
Persian Gulf countries fear that another U.S. attack on a better-prepared Iran could trigger a more destructive conflict across the region.
Traders were also reacting to reports suggesting that U.S. President Donald Trump wants to give diplomacy with Iran more time before resuming strikes.
Speaking at a campaign rally in Dubuque, lowa, U.S. Donald Trump has renewed his threat to strike Iran but claimed that U.S. military action had destroyed Iran's nuclear capabilities and the conflict would end soon.
In a report published on November 1, Radio Free Europe quoted Trump as saying that the United States still needed to deal with one or two Iranian targets.
However, Secretary of State Marco Rubio stated that Trump prefers a diplomatic resolution to the U.S.-Israeli conflict with Iran, raising hopes of a settlement and easing concerns about further energy supply disruptions.
Meanwhile, major OPEC nations agreed over the weekend to keep their oil production quotas unchanged in December, seeking time to evaluate global oil supply and demand conditions.
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