Global oil prices fall more than 3pc amid US-Iran peace talks — Pajhwok

KABUL (Pajhwok): Global oil prices fell more than 3 percent on Monday as Iranian and Qatari officials continued talks aimed at ending the US-Israeli war on Iran. According to Reuters, Brent crude futures fell $3.68, or 3.2 per cent, to $109.75 a barrel, while US West Texas Intermediate (WTI) crude dropped $3.43, or 3.3 per cent, to $100.69 by 0407 GMT. Brent had ended October at a six-month high amid concerns over a possible escalation of the conflict following Tuesday’s US midterm elections. Tim Waterer, chief market analyst at KCM Trade, attributed the decline to a technical correction after last week’s gains, saying hopes of diplomatic progress and the absence of major military escalation over the weekend had eased immediate market concerns. However, he warned that tensions could rise after the elections, potentially pushing Brent prices towards $120 a barrel. Iranian Foreign Minister Abbas Araqchi said on Sunday that the ongoing talks with Qatari mediators aimed at continuing consultations, adding that Tehran was prepared for both defence and diplomacy. The talks come amid attacks on oil tankers transiting the Strait of Hormuz, which have increased global energy and shipping costs. ING analysts said recent oil price movements reflected growing concerns about renewed hostilities between the US and Iran. They said the market would assess whether geopolitical risk premiums remained high…