Donald Trump · DOJ · Iran · U.S. · Axios · NBC News Tech
Oil prices slide in biggest drop since July on hope for more Iran talks
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Oil prices posted their sharpest drop in three months Monday after a series of headlines about Iran gave investors hope that the Trump administration would find a way to end the conflict without further escalation.
Key facts
- International Brent crude oil fell 7.6% to close the day at $104.77 per barrel, while U.S. crude oil dropped 7.3%, to $96.46 per barrel
- If skirmishes curbing oil flows continue into year end, Brent could trade in a $95-120” per-barrel range, he wrote
- As of Monday morning, the average U.S. nationwide diesel price was $6.29 per gallon, up 77% since the start of the year
- On Monday, diesel futures slid 5.4%, their biggest one-day drop since May 6
Summary
International Brent crude oil fell 7.6% to close the day at $104.77 per barrel, while U.S. crude oil dropped 7.3%, to $96.46 per barrel. The plunges were the largest one-day drops by percentages since July 27. Earlier Monday, Iran’s IRNA news agency cited the Iranian president’s comments that the supreme leader had “granted the government certain authorities” in relation to “seeking to resolve problems through dialogue” with its “enemies.” Traders read that as Iran’s choosing to continue diplomatic talks with the U.S. through mediators, rather than escalating the war through further strikes on American allies in the region.