Oil falls as Iran talks raise hopes of easing supply disruptions

Conflict · First reported 2 Nov, 09:30 · Updated 09:55

Image: Wikimedia Commons · NASA Johnson Space Center · Public domain

Oil prices dropped on hopes that talks involving Iran and Qatar could lead to a deal and ease disruption to Middle East supplies. Reports also noted unresolved risks, including tanker attacks, depleted inventories and forecasts of potentially higher prices.

Oil fell more than 4% on Monday amid hopes that talks involving Iranian and Qatari officials could ease supply disruptions.
A draft proposal was circulating after Iranian negotiators met Qatari mediators; a follow-up meeting was described as possible.
Coverage also highlighted reasons for caution, including attacks on tankers, depleted oil inventories and Goldman Sachs’ higher price forecasts.

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Key facts

Brent crude: Down $4.79, or 4.2%, to $108.64 a barrel by 1020 GMT on Monday.
US West Texas Intermediate: Down $4.41, or 4.2%, to $99.71.
Talks: Iranian negotiators had left talks with Qatari mediators; a draft proposal was circulating and a follow-up meeting was possible.
Oil inventories: The world had drawn nearly 1 billion barrels from inventories since the war disrupted shipping through the Strait of Hormuz, according to ADNOC’s CEO.
Goldman Sachs forecast: The report said Goldman Sachs raised its oil-price forecasts and said Brent could reach $140 in 2027 if Gulf output stays 3.5 million barrels per day below its 2025 average.