Oil prices fell sharply amid growing hopes that an agreement could be reached to end the US-Iran war.

Oil prices fell sharply on Monday amid growing hopes that an agreement could be reached to end the US-Iran war, with signs of progress in indirect talks between the two sides.

 

Iranian President Masoud Pezeshkian said Supreme Leader Mojtaba Khamenei had granted the government authority to negotiate peace with the US, affirming that Tehran would seek to resolve the crisis through dialogue.

 

These developments followed several days of talks between Iranian negotiators and Qatari mediators aimed at ending the war, while the US Secretary of State said President Donald Trump favored a diplomatic solution.

 

Separately, Ukraine resumed attacks on Russian oil refineries over the past weekend, keeping concerns over global energy supplies alive.

 

Prices of Global Benchmark Crude Futures

Crude

Price (USD/barrel)

Change (USD)

Change (%)

Brent (January delivery)

104.77

(8.66)

(7.63%)

NYMEX (December delivery)

96.46

(7.66)

(7.36%)
 

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Commodity Price

 
Brent Crude Oil
95.84
0.02 0.02%
Nymex
88.60
(0.18) (0.20%)

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