Brent falls 4.43% to $108.40
By the AFREEQUE newsroom, based on LesEco.ma
Brent crude for January delivery fell 4.43% to $108.40, while West Texas Intermediate dropped 4.38% to $99.56. Markets reacted to reports that Donald Trump would favour negotiations with Iran, LesEco.ma reports, citing Axios and an analyst from Global Risk Management.
North Sea Brent crude for delivery in January fell 4.43% to $108.40 on Monday morning. West Texas Intermediate (WTI) for delivery in December was down 4.38% at $99.56, according to LesEco.ma.
The decline came after press reports that US President Donald Trump would favour negotiations with Iran rather than an immediate intensification of military operations. According to analyst Arne Lohmann Rasmussen of Global Risk Management, Donald Trump would like to allow more time for talks with Tehran mediated by Qatar.
Iranian Foreign Minister Abbas Araghchi said on Sunday that he hoped the United States would favour the diplomatic route. According to Axios, Israeli Prime Minister Benjamin Netanyahu had asked Donald Trump to strike Iran quickly, while the US president had preferred to let negotiations continue. Arne Lohmann Rasmussen nevertheless said that these diplomatic signals could be tactical ahead of the US midterm elections.
This development comes after the fall in Brent to $111.84 announced on 2 November. It also comes amid the suspension of US operations against Iranian leaders, announced on the same day.
