▲ Strait of Hormuz
International oil prices fell for the second consecutive day on November 3 local time, driven by expectations of negotiations to end the wars between the United States and Iran, as well as Russia and Ukraine.
On the London ICE Futures Exchange, Brent crude futures for December delivery closed down 1.12% from the previous session at $103.60 per barrel.
On the New York Mercantile Exchange, West Texas Intermediate (WTI) futures for December delivery settled down 0.38% from the previous session at $96.09 per barrel.
The closing price for Brent crude was its lowest level since October 7, while WTI hit its lowest since October 14.
The market focused on diplomatic efforts to end the conflicts.
The spokesperson for the Ministry of Foreign Affairs of Qatar, which is mediating the resumption of peace talks between the United States and Iran, stated that there had been progress in indirect negotiations between the two sides and that they are reviewing proposals from the mediator.
However, concerns over heightened military tensions persisted after it was learned that the United States had attacked Qeshm Island, a strategic Iranian location in the Strait of Hormuz, the previous day.
Russia and Ukraine also decided to hold trilateral peace talks involving the United States in Abu Dhabi, United Arab Emirates (UAE), from November 10 to 11.
(Photo: Getty Images)
※
Copying, redistribution, and unauthorized use in AI training are strictly prohibited.