Oil Falls as Iran-Qatar Talks Raise Supply Hopes

Oil prices fell about 3% to 4% on Monday as talks between Iranian and Qatari officials raised hopes of easing disruptions to crude supplies through the Strait of Hormuz. Brent crude traded at about $108.50 to $110 a barrel in reports from the morning, while U.S. West Texas Intermediate slipped below $100 in one midmorning report. The prices were market snapshots taken at different times, not closing figures. The talks were continuing for a third consecutive day, with Iranian negotiators and Qatari mediators discussing a possible path toward ending the war involving the United States, Israel and Iran. Iranian Foreign Minister Abbas Araqchi said the discussions were consultations with Qatari mediators and described them as ongoing and progressing. He said Tehran was prepared for both defence and diplomacy. An official briefed on the Doha meeting said Iranian negotiators had left on Sunday, but not because of difficulties in the discussions. The official said a draft proposal was circulating and a follow-up meeting was possible. The reports did not establish that the proposal had been accepted or that an agreement had been reached. The market decline came after Brent ended...