Oil Prices Fall More Than 3% as Iran Peace Talks Ease Supply Fears

TLDR Oil fell more than 3% on Monday as hopes for U.S.-Iran diplomacy eased supply fears. January Brent traded near $110 a barrel and WTI near $100 after a nearly 15% rally in October. Iranian and Qatari officials held a third day of talks on reopening the Strait of Hormuz. OPEC+ kept December output targets unchanged and will meet again Nov. 29. Goldman Sachs raised its Brent and WTI forecasts but still expects elevated supply risks. Oil prices fell more than 3% on Monday as hopes for diplomacy in the U.S.-Israeli war with Iran eased fears of supply disruptions. The drop followed a strong rally in October. January Brent futures fell about 3.1% to $109.90 a barrel in early trading. U.S. West Texas Intermediate (WTI) crude dropped 3.5% to $100.47.

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