Oil Prices Drop 4% as Draft Proposal to End U.S.-Iran War Circulates

Oil prices fell more than 4% Monday, with Brent crude dropping to $108.61 per barrel, after a draft proposal to end the U.S.-Iran war circulated following Iranian negotiators' departure from Qatar. The proposal emerged after Iranian negotiators left Qatar on Sunday, with a source saying a draft is being circulated for a potential follow-up meeting. Iran stated the Strait of Hormuz could reopen within two days if its demands, including an end to the U.S. naval blockade, are met. WTI crude slumped 4.32% to $99.62 per barrel. Analysts noted the market remains cautious, as new U.S.-Israel strikes on Iran could follow the U.S. midterm elections, with key developments in the conflict often unfolding over weekends.