{"id":821892,"date":"2026-11-02T16:58:10","date_gmt":"2026-11-02T16:58:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/821892\/"},"modified":"2026-11-02T16:58:10","modified_gmt":"2026-11-02T16:58:10","slug":"oil-prices-plunge-as-draft-proposal-to-end-u-s-iran-war-is-circulated","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/821892\/","title":{"rendered":"Oil Prices Plunge as Draft Proposal to End U.S.-Iran War is Circulated"},"content":{"rendered":"

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 told Reuters<\/a> on Monday.\u00a0<\/p>\n

Oil prices slumped by 3%<\/a> 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.<\/p>\n

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.\u00a0<\/p>\n

\u201cLingering 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,\u201d KCM Trade\u2019s chief market analyst Tim Waterer said, as quoted by Reuters<\/a> earlier today.<\/p>\n

\u201cOur demands have been articulated very clearly and transparently,\u201d Reuters quoted Iran\u2019s Foreign Ministry spokesman, Esmaeil Baghaei, as saying.\u00a0<\/p>\n

\u201cThese 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 \u200cto an end, Iran’s demands are respected, and Iran\u2019s legitimate requirements are addressed,\u201d the Iranian official said.\u00a0<\/p>\n

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.\u00a0<\/p>\n

U.S. President Donald Trump rejected Iran\u2019s September proposal.\u00a0<\/p>\n

\u201cIt remains to be seen whether this will lead to anything,\u201d ING\u2019s commodities analysts Warren Patterson and Ewa Manthey said<\/a> in a Monday note, commenting on the Iran-Qatar mediation talks.\u00a0<\/p>\n

Early on Monday, Brent Crude prices<\/a> had dropped to $108.61, per barrel, down by 4.25% on the day, and WTI Crude<\/a> slumped by 4.32% to below $100 a barrel, at $99.62.\u00a0\u00a0<\/p>\n

Still, the market is apprehensive that new U.S.-Israel strikes on Iran could follow the U.S. midterm elections.\u00a0<\/p>\n

\u201cGiven that many of the key developments in this conflict have unfolded over weekends, the market may have to hold its breath until the end of the week,\u201d ING\u2019s strategists said.\u00a0\u00a0<\/p>\n

By Charles Kennedy for Oilprice.com<\/a><\/p>\n

More Top Reads From Oilprice.com<\/p>\n","protected":false},"excerpt":{"rendered":"Oil prices extended losses from Asian trade into early Monday morning U.S. time as a draft proposal on…\n","protected":false},"author":2,"featured_media":821893,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[44019,84,141,59,269626,581,269627,163474,56,54,55,163470,257958,269628,156210],"class_list":["post-821892","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-brent-crude","tag-business","tag-donald-trump","tag-gb","tag-iran-peace-deal-draft-proposal","tag-oil-prices","tag-qatar-mediation-talks","tag-strait-of-hormuz","tag-uk","tag-united-kingdom","tag-unitedkingdom","tag-us-iran-war","tag-us-midterm-elections","tag-us-naval-blockade-of-iran","tag-wti-crude"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/821892","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=821892"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/821892\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/821893"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=821892"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=821892"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=821892"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}