Global oil prices plunged by around 7% on Monday as renewed diplomatic efforts raised hopes of ending the US-Iran conflict. The decline followed reports of progress in negotiations, easing concerns about prolonged disruptions to Middle Eastern oil supplies.
However, the sharp market drop came despite fresh attacks on Saudi Arabia’s major East-West oil pipeline. Investors continued responding to diplomatic developments as expectations of reduced regional tensions weakened crude prices.
Pakistan-Qatar Mediation Revives Peace Talks
Reports indicate that a joint mediation proposal from Pakistan and Qatar has revived discussions surrounding Iran’s nuclear programme. Negotiators are reportedly considering allowing Iran to enrich uranium at 3.67%, matching the limit established under the 2015 nuclear agreement.
Furthermore, discussions include the possible return of International Atomic Energy Agency inspectors to Iran. However, neither Washington nor Tehran has officially confirmed an agreement, while some officials have questioned the reported details.
Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani was also scheduled to meet US President Donald Trump. The meeting aimed to discuss diplomatic efforts and explore possibilities for securing a ceasefire.
Meanwhile, US Secretary of State Marco Rubio expressed reservations about Tehran’s demands. Nevertheless, Washington continues to leave diplomatic options open.
Second Major Oil Price Drop in a Week
Brent crude previously dropped nearly 9% last Wednesday, falling below $95 per barrel. Consequently, Monday’s decline marked another significant setback for international oil markets.
Meanwhile, Saudi authorities confirmed that an attack targeted the East-West pipeline in the Medina region. Officials reported a limited fire but confirmed no casualties or disruption to operations.
For oil-importing countries like Pakistan, falling crude prices could provide economic relief. However, continued regional attacks remain a significant threat to global energy supplies.
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