Diplomatic hopes on US-Iran talks push oil below $90

Global oil prices tumbled on Monday, with Brent crude falling about 8.2 percent to below $90 per barrel. This decline followed U.S. President Donald Trump's announcement of "good talks" with Iran, which raised hopes for a diplomatic breakthrough. The price drop occurred after crude briefly surpassed $100 per barrel last week due to escalating tensions in the Middle East.

Trump expressed optimism about reaching an agreement with Tehran, stating, "I think there's a good chance that something could happen, and if it does, good; if it doesn’t, we go back to doing what we were doing two days ago." This statement came after the U.S. suspended air strikes on Iran following 13 consecutive nights of bombing. However, tensions remained high across the region.

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We’re talking right now. We’re having good talks. I think there’s a good chance that something could happen, and if it does, good; if it doesn’t, we go back to doing what we were doing two days ago.

Saudi Arabia reported intercepting drones targeting facilities near Riyadh, which it claimed were launched by Iran-backed groups from Iraq. Iran-backed Houthi rebels in Yemen also claimed responsibility for targeting Saudi Arabia’s East-West Pipeline in retaliation for alleged Saudi drone incursions. Meanwhile, Iran's Foreign Ministry spokesman Esmail Baghaei dismissed reports that Tehran had sought renewed peace negotiations with the U.S., calling them fabricated, though acknowledging ongoing communication through mediators.

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This is not in our DNA.