Brent Oil is down by 5%

Brent crude prices extended their decline on Monday, falling more than 8% to $104 a barrel, the lowest in four weeks, as hopes for a diplomatic resolution to the US-Iran conflict eased concerns about further supply disruptions. President Trump said Monday that Iran wants to “make a deal and that could happen”. Early in the day, Iran's supreme leader approved the government’s pursuit of talks aimed at ending the months-long conflict that has disrupted Middle East energy supplies, according to Iran’s state-run IRNA news agency. This followed reports that President Trump also wanted to give diplomacy more time before considering renewed military action, telling Israeli Prime Minister Benjamin Netanyahu that he preferred negotiations. US Secretary of State Marco Rubio reiterated that Trump favoured a peaceful resolution, while Iranian officials signalled that an agreement remained possible following two days of Qatar-mediated discussions, provided commitments were implemented in practice.

Brent Oil decreased 5% to 107.764 USD/Bbl

Brent crude fell 4.5% toward $108 a barrel on Monday as hopes for a diplomatic resolution to the conflict between the US and Iran eased concerns about further supply disruptions. Reports indicated that President Donald Trump wants to give negotiations more time before considering renewed military action, telling Israeli Prime Minister Benjamin Netanyahu that he would prefer a diplomatic solution. US Secretary of State Marco Rubio also said Trump favoured resolving the conflict peacefully. Iranian officials similarly signalled that an agreement remained possible following two days of Qatar-mediated talks, provided that commitments were implemented in practice. However, the diplomatic signals come amid continued reports that both sides are preparing for a possible escalation after the November 3 US midterm elections. Separately, OPEC+ agreed to keep its existing production targets unchanged through December as the group continues to assess global supply and demand conditions.