Oil Prices Drop 7% as Iran, Qatar Open to Peace Talks

Oil prices fell more than 7% on Monday as talks between Iranian and Qatari officials lifted hopes for an end to the US-Israeli war with Iran and stabilization of Middle East crude supply.

Iran's president said the supreme leader had granted the government "certain authorities" regarding peace talks. The country's negotiators held days of talks with Qatari mediators aimed at ending the war. A draft proposal is being circulated with a follow-up meeting possible, an official briefed on the talks said.

Brent crude futures fell $8.47, or 7.47%, to $104.96 a barrel by 12:24 p.m. EST (1724 GMT). US West Texas Intermediate crude was down $7.50, or 7.2%, at $96.62.

The session low for Brent was $104.49 and for WTI it was $96.44, with analysts citing hopes for a diplomatic breakthrough after Iranian President Masoud Pezeshkian said Supreme Leader Ayatollah Mojtaba Khamenei had granted the government certain authorities for peace talks.

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