Oil Prices Fall to Lowest Level in Over Two Weeks Amid Hopes for Iran War Resolution
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Brent crude dropped by more than 6.5% to $105.55 a barrel on Monday, reaching its lowest level since October 16 amid hopes for a breakthrough to end the eight-month Iran war. Iranian Foreign Minister Abbas Araghchi stated that intensive consultations through mediators are underway, while Qatari officials negotiated over the weekend to release more than $6 billion in Iranian assets to potentially reopen the Strait of Hormuz. Meanwhile, US President Donald Trump warned during an Iowa rally that Iran would face severe consequences if progress stalled ahead of the US midterm elections.
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