EnergyGlobal

Oil falls below $90 a barrel on hopes of US-Iran talks

Oil prices fell sharply on hopes for a US-Iran deal, with Brent crude dipping below $90 a barrel for the first time since August. Lower energy prices gave some relief to bond traders and lifted Asian stocks.

Illustration: A lone oil tanker sails across calm teal water at dusk toward a low vermilion sun, with a tall pipeline silhouette along the shore.
Illustration

Brent crude fell below $90 a barrel on Monday, its first drop under that level since August. It had been at $91.61 a barrel at the time of writing, after a 7% fall on the day. WTI, the US grade of crude, was at $85.81 a barrel.

The move followed unconfirmed claims that Washington was prepared to let Iran keep enriching uranium to 3.67%. A mediation proposal from Qatar and Pakistan was said to have revived talks over Iran's nuclear program, and the claims have not been confirmed by officials.

Brent crude$96.88down −8.66%over 1 month
$117.64$91.4914 Oct13 Nov

Prices can be delayed by 15 minutes or more. Past moves say nothing about future ones.

President Donald Trump has played down the need for further strikes on Iran. Even so, Saudi Arabia's East-West pipeline was hit in a fresh attack.

Oil prices at time of writing

  • Brent crude$91.61 per barrel
  • WTI crude$85.81 per barrel

Prices stated at the time of writing.

Asian shares climbed, and major US indexes finished the session higher after energy prices softened. Lower oil prices eased pressure on gilt traders, the people who buy and sell UK government bonds. Gas prices in the US dropped under $4 a gallon, yet fuel for the Thanksgiving holiday remains at its steepest level since 2000.

Illustration: A roadside gas station at dawn with one car at the pump, a hose in the tank, and a large golden sun behind the canopy.
Illustration

China's oil imports rebounded as more crude flowed from the Persian Gulf. Investors are now waiting for the consumer price index report, which tracks inflation.

$1,000 in Brent crude

Had you put $ into Brent crude a month ago, it would be worth – now.

From the prices in the chart, before any fees or taxes. Not a suggestion to buy or sell.

Background

Oil markets have been reacting to continued attacks in the region, including one on a Saudi Arabian pipeline. Tehran's nuclear program is at the center of the talks.

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