Oil drops more than 4% amid optimism over potential end to Iran war
Press coverage 2 newspapers covered this event: Al-Qabas · Sarmad →
Oil prices fell amid optimism about the end of the war on Iran.
Translated by Qiyas from القبس — Original source
Oil prices fell by more than 4% in Monday’s trading, amid growing optimism about the possibility of ending the war with Iran, following reports that US President Donald Trump favors pursuing a diplomatic track to reach a settlement with Tehran. The decline came as fears of continued disruption to oil supplies from the Middle East receded, after reports bolstered hopes that the military escalation could be contained and the conflict prevented from widening. According to trading data, Brent crude fell to around $108 per barrel, while US West Texas Intermediate (WTI) crude futures dropped to approximately $100 per barrel, marking a decline of nearly 4% during trading. This coincided with the continuation of consultations between Iranian and Qatari officials for the third consecutive day, amid efforts to reach an agreement that would end the war. Meanwhile, the OPEC+ alliance decided to maintain its oil production levels unchanged for December, amid ongoing uncertainty regarding energy supplies in the region.
