Commodities
Oil Prices Plummet as Diplomacy and Saudi Exports Boost Region
Oil prices declined by over 2% on Monday as diplomatic efforts and increased Saudi crude exports alleviated concerns about supply disruptions in the region.
The Brent crude futures for November delivery traded at $101.68 a barrel, down 2.12% from the previous close of $103.87, while US benchmark West Texas Intermediate (WTI) crude futures fell 2.32% to $93.85 a barrel.
Qatar said it has been mediating between the US and Iran for nearly two weeks, exchanging proposals aimed at restarting talks between the two nations.
The diplomatic efforts raised hopes that tensions between Washington and Tehran could ease, reducing concerns over possible supply disruptions in the region and putting downward pressure on oil prices.