Brent crude falls to $108 after meetings in Qatar and reports on Iran–US talks
Brent crude fell to $108 a barrel as Iranian and Qatari officials held talks for a third consecutive day.
The price of Brent crude fell to $108 a barrel on 2 November. The decline came after the latest meetings held in Qatar and new reports on the talks between Iran and the United States.
Prices began to slide from the start of the first trading day of the week. In early Asian trade, Brent futures fell by $1.51, or 1.33 percent, to $111.92 a barrel, while US West Texas Intermediate crude fell by $1.78, or 1.71 percent, to $102.34. Brent later dropped 2.9 percent to $110.2, and WTI fell 3 percent to $101.
Iranian and Qatari officials held talks for a third consecutive day aimed at reaching an agreement to end the war around Iran. Iranian Foreign Minister Abbas Araghchi said on Sunday that the talks were intended to continue consultations with the Qatari mediators. According to him, Tehran is ready for both defence and diplomacy.
Oil prices had risen sharply the previous week. At the end of October, Brent settled at its highest level in six months. Attacks on oil tankers in the Strait of Hormuz had raised concerns over the movement of crude and pushed up global energy and shipping costs.
OPEC+ decided on Sunday to keep its production targets for December unchanged and indicated that further changes to output policy were unlikely before next year. Saudi Arabia, meanwhile, increased its crude exports in October compared with September, despite attacks from Yemen on its energy infrastructure.
On 20 October, Brent also fell 2.8 percent to $106.6 a barrel after reports of a Qatari and Pakistani mediation plan concerning Iran.
