Brent oil prices fall amid hopes for US-Iran agreement
Brent crude oil dropped by 5.85% on November 9, to $92.57 per barrel, following the main trading session amid reports of a possible diplomatic breakthrough between Washington and Tehran.
After the close of trading, quotes continued to decline, losing more than $7 per barrel compared to the previous close, reports OilPrice.
According to the Al Arabiya television channel, citing unnamed sources, Qatar and Pakistan have proposed a mediation plan that includes resuming negotiations on Iran's nuclear program.
However, neither Washington nor Tehran has yet confirmed reaching any agreements. US Secretary of State Marco Rubio previously stated that Iran's demands remain unacceptable. An additional factor in the price decline was a statement by US President Donald Trump that new strikes against Iran are unlikely amid ongoing negotiations.
Simultaneously, Saudi Arabia reported an attack on the East-West oil pipeline in the Medina region. The resulting fire was extinguished, there were no casualties, and the pipeline's operation was not disrupted.
Despite threats to oil infrastructure, hopes for a diplomatic resolution intensified the price decline.
