Oil Prices Drop 4% Amid Optimism Over Qatari-Led Peace Talks with Iran
Global oil prices fell significantly on Monday as diplomatic progress in Qatar raised hopes for an end to the conflict between the United States and Iran. Negotiators have reportedly circulated a draft proposal aimed at resolving the stalemate, reducing immediate fears of supply disruptions in the Middle East. Brent crude futures dropped over 4% to $108.64 per barrel, while WTI fell to $99.71. The price decline follows a period of high volatility driven by concerns over shipping security in the Strait of Hormuz and recent attacks on energy infrastructure. While diplomatic optimism has cooled prices temporarily, analysts note that significant supply risks remain if regional tensions escalate or oil output stays below historical averages.