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Oil futures drop more than 3% as CNBC cites U.S.-Iran diplomacy reports
CNBC said Brent and U.S. crude futures fell more than 3% Monday, citing Secretary of State Rubio and Iranian signals of a possible deal after Qatar-mediated talks.
- New headline Was: “Oil prices fall amid reports that the U.S. and Iran are both seeking diplomacy”
- Our desk filed its story
Oil futures fell more than 3% on Monday as CNBC reported that both the United States and Iran were seeking diplomatic options1.
January Brent crude, the international benchmark, fell 3.31% to $109.67 a barrel, CNBC said1. December West Texas Intermediate futures declined 3.34% to $100.64 a barrel1.
CNBC said Secretary of State Marco Rubio told reporters over the weekend that President Donald Trump prefers not to use military force and would like to resolve the Iranian war diplomatically, while also saying Trump had not made a decision1. CNBC, citing Al Jazeera, said Iranian authorities signaled a deal was still possible after two days of talks mediated by Qatar, provided demands were implemented tangibly1.
CNBC also cited other news outlets on possible U.S. military planning after the Nov. 3 midterm elections and quoted Iranian Supreme Leader Mojtaba Khamenei as calling Saturday for an immediate response to any threat1. Analyst Tamas Varga of PVM Oil Associates told CNBC that attacks on ships and refineries in the Middle East and on civilians in Ukraine continued1. Whether talks produce a deal or restore oil supply was not established in the CNBC account1.
