Oil Prices Crash After US, Iran Leave Door Open to End War - ProPakistani

Oil prices fell sharply on Monday as reports of diplomatic efforts between the United States and Iran raised hopes of a possible end to the Middle East war. US crude futures dropped below $100 per barrel, while Brent crude also declined.

Brent crude futures for January delivery fell 3.94 percent to $108.96 per barrel as of 7:30 a.m. ET. US West Texas Intermediate (WTI) futures for December delivery dropped 4.17 percent to $99.78 per barrel.

US Secretary of State Marco Rubio said President Donald Trump prefers to avoid military force and wants to resolve the conflict with Iran through diplomatic means.

Rubio said Trump had not made a decision on further military action but remained confident in the US military’s ability to respond if needed.

Iranian officials also indicated that a deal remains possible following two days of talks mediated by Qatar, provided that demands are implemented in a tangible manner, according to Al Jazeera.

The diplomatic signals come amid reports that Washington and Tehran are preparing for possible renewed military strikes after the November 3 US midterm elections. Reports from The Wall Street Journal and The New York Times have indicated that the United States is preparing for potential military action against Iran.

Iranian Supreme Leader Mojtaba Khamenei called on the country’s armed forces on Saturday to respond to any level or type of threat with an immediate and impactful response, without geographic restrictions.

Despite hopes for diplomacy, concerns over the war in the Middle East and Ukraine are expected to persist in the near term.

Continued attacks on ships and refineries in the Middle East, along with attacks on civilians in Ukraine, have raised doubts about the prospects for lasting ceasefires.

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