Oil prices dip as Iran, Qatar hold peace talks
Business
Oil prices took a dip of more than 1% on Monday, with Brent crude now at $111.84 per barrel and West Texas Intermediate at $102.56.
The drop comes as Iranian and Qatari officials sit down for peace talks aimed at easing tensions around the U.S.-Israel conflict involving Iran.
U.S.-Iran clash fears, Hormuz disruptions
In October 2026, oil prices hit a six-month high amid concerns the U.S.-Iran conflict could escalate again after Tuesday's US midterm elections (November 2026).
The Strait of Hormuz is still facing disruptions from tanker attacks, which keeps global energy costs unpredictable.
Meanwhile, OPEC+ is sticking to its current production plans for December, and Saudi Arabia increased exports in October despite ongoing regional tensions.