Brent crude falls to $105.55 amid Iran-US contacts — The Guardian

Iran reported continued contacts with the United States on ending the war, against which the price of Brent crude on Monday, November 2, fell by more than 6.5% to $105.55 per barrel. As The Guardian reports, this is the lowest level of quotations since October 16.

Contacts through intermediaries

Iranian Foreign Minister Abbas Araghchi told the state agency IRNA that consultations through intermediaries are continuing intensively. According to him, Tehran has presented conditions and proposals, while further developments depend on political decisions in Washington.

Over the weekend, Qatari officials sought to reach an agreement on unfreezing more than $6 billion in Iranian assets so that Tehran would allow shipping through the Strait of Hormuz to resume.

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Market reaction

Investors also reacted positively to reports that Iran’s Supreme Leader Mojtaba Khamenei had authorized the government to negotiate with the United States on ending the war in the Middle East. At the same time, US President Donald Trump said at an election rally in Iowa the previous day that Iran would face tough action if there was no progress.

The fall in oil prices supported airline shares and lowered government bond yields. Shares in British Airways’ parent company, IAG, rose 4.2% in London, while United Airlines shares in New York gained 7%. The yield on 10-year UK government bonds fell by 10 basis points, or 0.1 percentage points, to its lowest level since September 22.