Crude futures fell on Monday morning as diplomatic efforts to ease tensions between the US and Iran continued, with Iranian negotiators and Qatari mediators meeting for a third consecutive day on Sunday, Reuters reported.
The ICE January Brent contract traded at $109.8 bl as of 5:22 AM in London, down 3.2% from Friday's settlement of $113.4/bl.
Despite progress in the talks, no final agreement has been reached. Meanwhile, concerns persist that the conflict could escalate again after the US midterm elections on Tuesday, with Iran reiterating its readiness to respond to any attack.
The price decline comes amid continued security concerns in the region, with two vessels reportedly attacked on Sunday.
