Crude oil futures fall as diplomatic efforts to end Iran-US war continue
At 9.42 am on Monday, January Brent oil futures were at $109.69, down by 3.30%t, and December crude oil futures on WTI (West Texas Intermediate) were at $100.60, down by 3.38%
Crude oil futures experienced a decline on Monday morning as negotiations between Qatar and Iran continued, aiming to resolve tensions between Iran and the US. By 9:42 am, Brent oil futures had dropped 3.30 percent to $109.69, while WTI crude futures fell 3.38 percent to $100.60. November crude futures on MCX were at ₹9559, a 3.80 percent decrease from their previous close of ₹9937, and December futures slipped to ₹9436, down 3.45 percent from ₹9799.
Iranian Foreign Minister Abbas Araghchi emphasized that the deal hinges on the US addressing Iran's inquiries, hoping for rationality from the other side. Axios reported a phone call between US President Donald Trump and Israeli Prime Minister Benjamin Netanyahu, with Netanyahu urging Trump to act swiftly post the midterm elections.
However, Trump prefers to let the negotiations continue for now. Earlier, OPEC+ met virtually on November 1 to assess market conditions and agreed to maintain September 2026 production levels for December 2026.
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