Oil prices slide in biggest drop since July on hope for more Iran talks

Oil prices posted their sharpest drop in three months Monday after a series of headlines about Iran gave investors hope that the Trump administration would find a way to end the conflict without further escalation.

International Brent crude oil fell 7.6% to close the day at $104.77 per barrel, while U.S. crude oil dropped 7.3%, to $96.46 per barrel.

The plunges were the largest one-day drops by percentages since July 27. For both key oil benchmarks, it was the largest single-day drop in dollar terms since April 17.

Earlier Monday, Iran’s IRNA news agency cited the Iranian president’s comments that the supreme leader had “granted the government certain authorities” in relation to “seeking to resolve problems through dialogue” with its “enemies.”

Traders read that as Iran’s choosing to continue diplomatic talks with the U.S. through mediators, rather than escalating the war through further strikes on American allies in the region.

That report followed news Sunday that “Trump, for now, wants to let negotiations play out” with Iran, according to Axios.

After oil prices closed for the day, NBC News asked President Donald Trump whether he was considering striking Iran after the midterms, and twice he replied, “No.”

As Trump’s response…

Original source: https://www.nbcnews.com/business