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Global crude oil prices fell by up to 2.49% on Monday as hopes of easing tensions between the United States and Iran weighed on prices, although continuing attacks in the Middle East kept supply concerns alive.
Brent crude, the international oil benchmark, fell as much as 2.29%, or $2.68, to $114.04 per barrel by 10.20 am. It was trading at $114.44, down 1.95%. US benchmark West Texas Intermediate (WTI) crude declined 2.49%, or $2.58, to $100.69 per barrel.
The decline followed a sharp rally that pushed Brent to its highest level since April on Friday. Supply concerns had driven prices up nearly 90% this year, while reports of possible US and Israeli strikes on Iran after the US midterm elections in early November added to market uncertainty.
Commodity market experts said crude had retreated from recent highs despite fears that attacks on Iran could resume following Israeli elections this week and US midterm elections next week.
US President Donald Trump said on Sunday that he would soon decide whether to pursue a deal with Tehran or resume military operations. Meanwhile, threats from Iran and the Houthis against Americans in the Middle East continued to raise concerns.
Clashes between Saudi Arabia and Iran-backed Houthi rebels intensified over the weekend, adding to risks to regional oil supplies. The Houthis reportedly claimed to have targeted King Khalid International Airport in Riyadh in response to Saudi strikes on Sanaa.
Middle Eastern oil exports have neared pre-war levels, but shipping-route risks persist. Iran warned against attacks, while US and Asian markets remained cautious ahead of central bank meetings and earnings.
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