Crude oil prices retreated toward $102 per barrel on Monday, easing back from multi-week highs as investors weighed reports of ongoing diplomatic efforts to end the Middle East conflict against concerns over potential renewed US military action against Iran.
Officials from Qatar and Iran held talks for a third consecutive day, seeking an agreement to halt the US-Israel war on Iran ahead of this week’s US midterm elections. Iran has repeatedly warned that any new attacks would trigger retaliatory strikes against US and Israeli targets in neighboring countries.
At the same time, President Donald Trump said the United States would hold off on launching new attacks on Iran before the elections, citing progress in negotiations with Tehran, while leaving open the possibility of further military action afterward.
Separately, OPEC+ agreed over the weekend to keep its current production targets in place through December as the group continues to assess global oil supply and demand conditions.
