▲ Downtown Tehran, Iran
Global oil prices plummeted more than 7 percent on the 2nd (local time) following raised possibilities of peace negotiations between the United States and Iran.
On the ICE Futures Europe in London, Brent crude for December delivery settled down 7.63 percent from the previous session at $104.77 a barrel.
On the New York Mercantile Exchange, West Texas Intermediate (WTI) crude for December delivery closed down 7.36 percent from the previous session at $96.46 a barrel.
During the session that day, Brent crude tumbled to the $103 range, while WTI dropped to the $95 range.
Previously, on October 30, the previous trading day, Brent crude had surged to a six-month high of $117.64 amid growing concerns over escalating conflicts in the Middle East.
The factor driving down oil prices on this day was the expectation that a diplomatic breakthrough could be reached to end the US-Iran war.
Iranian President Masoud Pezeshkian stated that he is seeking dialogue to overcome the crisis, and that Supreme Leader Ayatollah Mojtaba Khamenei has granted the government the authority to do so.
Iran is also negotiating with mediator nations such as Qatar and Pakistan regarding the reopening of the Strait of Hormuz and the resumption of peace talks.
Iran has presented conditions for lifting the blockade of the strait along with a proposal to reopen the Strait of Hormuz within two days if the United States accepts these conditions.
Additionally, US President Donald Trump remarked in a speech that Iran wants to reach an agreement with the United States and that a deal could potentially be struck, further fueling expectations for an agreement.
(Photo: Getty Images)
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