Oil slides 3% on hopes of US-Iran diplomatic breakthrough

Crude oil futures fell more than 3% on Monday as continued diplomatic efforts involving Iran and Qatar raised hopes of progress towards ending the US-Israeli war on Iran, easing concerns over prolonged supply disruptions. Brent crude slipped towards $110 per barrel, while WTI dropped to around $100.60. Meanwhile, OPEC+ maintained its December production targets, with further policy adjustments deferred until next year amid ongoing export disruptions. Investors will also watch this week?s US jobs report for fresh clues on the Federal Reserve?s policy outlook. On the MCX, November crude oil futures declined nearly 4% to ₹9,548 per barrel.

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