SINGAPORE: Oil prices fell over 3 percent on Monday as Iranian and Qatari officials continued talks for a third day to try to reach a compromise to stop the US-Israeli assault on Iran. Brent crude futures were down $3.68, or 3.2 percent, to $109.75 a barrel at 7:07 a.m. US West Texas Intermediate crude fell $3.43, or 3.3 percent, to $100.69 a barrel in Saudi time.
Brent crude oil ended at a six-month high in October on fears that the US-Iran war could reignite following the US midterm elections on Tuesday. Tim Waterer, chief market analyst at KCM Trade, said: “Oil is suffering a technical retracement this morning after last week’s big advances.
For now, some of the heat has been taken out of prices by lingering hopes of some form of diplomatic progress, coupled with the absence of any meaningful military escalation over the weekend.” But the market was on alert to the risk that rhetoric around Iran may be ratcheted further and push Brent beyond $120 after the midterm elections, Waterer added.
Iranian Foreign Minister Abbas Araqchi said Sunday the aim of the “ongoing and progressing” talks was to continue consultations with the Qatari mediators, adding Tehran was ready for “both defence and diplomacy.
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