Oil prices drop as US signals patience with Iran diplomacy

lalibre.be (French) —

Oil prices fell Monday morning as the United States appears willing to allow more time for diplomatic rapprochement with Iran. Brent crude dropped over 3% to below $110 per barrel, while US benchmark WTI traded under $101, also down more than 3%. Markets reacted to an Axios report that President Donald Trump told Israeli Prime Minister Benjamin Netanyahu he favors a diplomatic solution, though Israel wants immediate attacks on Iran after Tuesday's US midterm elections. Secretary of State Marco Rubio said Saturday no decision on resuming strikes has been made. The diplomatic bet eases fears of renewed hostilities, despite ongoing ship attacks near the Strait of Hormuz. The US and Israel launched war against Iran in late February, sharply raising oil prices due to shipping disruptions in the critical trade route.


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