Oil Prices Tumble Nearly 4% as US-Iran Peace Hopes Grow

Oil fell nearly 4% on Monday as talks between Iranian and Qatari officials on a deal to end the US-Israeli war on Iran raised hopes that Middle East supply disruptions could ease.

Iranian negotiators left Doha talks on Sunday, but not due to difficulties in negotiations, an official briefed on the meeting told Reuters on Monday.

"The new month brought with it renewed hopes of a breakthrough in the Iranian stalemate," said Tamas Varga of oil broker PVM.

Brent crude futures LCOc1 fell $4.20, or 3.7%, to $109.23 a barrel by 0900 GMT while US West Texas Intermediate crude CLc1 traded at $100.14, down $3.98, or 3.8%.

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