Oil prices fall more than 3% after Trump signals on Iran — The National

Oil prices fell by more than 3% on Monday amid hopes for a diplomatic breakthrough between the United States and Iran. According to The National, US President Donald Trump wants to give diplomacy with Tehran more time before considering the resumption of military strikes.

Decline in quotations

During morning trading, a barrel of Brent, the benchmark for approximately two-thirds of the world’s oil, was priced at $110 as of 7:55 UAE time. US West Texas Intermediate crude fell to $100.90 per barrel.

Axios, citing sources, reported that Trump said in a telephone conversation with Israeli Prime Minister Benjamin Netanyahu that he intended to give diplomacy with Tehran more time. On Saturday, US Secretary of State Marco Rubio said that no decision had yet been made on resuming strikes and that Trump preferred a diplomatic settlement.

CBS News also reported that Trump believes the US will soon end the war with Iran “one way or another.” According to the broadcaster, he made the statement before an election rally in Iowa on Sunday.

More current news is available on the UA.News Telegram channel Telegram.

Tensions in the Persian Gulf

An Iranian delegation was in Qatar on Saturday for talks with mediators, Bloomberg reported. At the same time, risks to oil supplies from the region remain: on Sunday, the UK Maritime Trade Operations received a report that a projectile had struck a vessel in the Strait of Hormuz.

Earlier, on Friday, a liquefied natural gas tanker was attacked. The service also reported a strike on another vessel east of Ras Al Khafji off the coast of Saudi Arabia.

Last week, Brent and WTI rose by about 0.8%, and over the month by about 15% and 12%, respectively, reaching their highest levels since April. UBS expects Brent to remain near $110 per barrel at the end of the year due to unstable supplies from the Middle East and geopolitical uncertainty.