Oil Prices Plunge as Draft Proposal to End U.S.-Iran War is Circulated
Oil Prices Plunge as Draft Proposal to End U.S.-Iran War is Circulated Israel’s inconclusive election leaves Netanyahu… Oil prices extended losses from Asian trade into early Monday morning U.S.
time as a draft proposal on a potential end to the U.S.-Iran war is now being circulated after Iranian negotiators left Qatar, an official briefed on the talks toldReuterson Monday.
Oil pricesslumped by 3%in Asian trade on Monday amid renewed optimism about a possible peace deal between the United States and Iran, following reports about mediation talks between Iran and Qatar over the weekend.
Iranian negotiators left Qatar on Sunday and a draft proposal is now being circulated for a potential follow-up meeting, the Reuters source said, without elaborating on what the draft proposal could possibly entail.
“Lingering hopes of some form of diplomatic progress, combined with the absence of any meaningful military escalation over the weekend, have taken some of the immediate heat out of prices for now,” KCM Trade’s chief market analyst Tim Waterer said, as quoted byReutersearlier today.
“Our demands have been articulated very clearly and transparently,” Reuters quoted Iran’s Foreign Ministry spokesman, Esmaeil Baghaei, as saying.
“These demands are reasonable and logical: no final agreement can be initiated, nor can the Strait of Hormuz be reopened or secured, unless the US naval blockade is brought to an end, Iran's demands are respected, and Iran’s legitimate requirements are addressed,” the Iranian official said.
Iran this weekend said that the Strait of Hormuz could reopen within two days if its demands are met, faster than the week for reopening Tehran had aired in September.
President Donald Trump rejected Iran’s September proposal.
“It remains to be seen whether this will lead to anything,” ING’s commodities analysts Warren Patterson and Ewa Mantheysaidin a Monday note, commenting on the Iran-Qatar mediation talks.
Early on Monday,Brent Crude priceshad dropped to $108.61, per barrel, down by 4.25% on the day, andWTI Crudeslumped by 4.32% to below $100 a barrel, at $99.62.
Still, the market is apprehensive that new U.S.-Israel strikes on Iran could follow the U.S.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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