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Oil Prices Retreat as Qatari Mediators Plan US-Iran Talks

Guavy AI Editorial Team
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Oil
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Oil prices rose on Monday, but eased off session highs as Qatari mediators plan talks between the US and Iran to find a possible peace deal.

The price surge was triggered by US President Donald Trump's rejection of an Iranian proposal to reopen the Strait of Hormuz, which would have ended hostilities.

However, with Qatari mediators expected to hold separate talks with Iranian Foreign Minister Abbas Araqchi and the US side on Monday or Tuesday, oil prices retreated from their highs.

The rebound in Middle East crude exports is also a factor, with shipments via the Strait of Hormuz set to hit 7.4 million barrels per day this month, according to preliminary data from Kpler.

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