Crude oil prices halted their rally on Monday, after media reports indicated that US President Donald Trump may be looking to take the negotiations route before resuming strikes on Iran.
Brent Crude fell 1.82% to $111.36 per barrel, while West Texas Intermediate was down 2% to $102.05 per barrel.
Trump reportedly told Israeli Prime Minister Benjamin Netanyahu that he prefers diplomacy over attacks to resolve the Iran conflicting, causing concerns in the mind of the latter.
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Besides this, US Secretary of State Marco Rubio on Saturday said that no decision had been taken on a fresh round of strikes and that the President preferred a diplomatic resolution.
Separately, OPEC+ oil-producing countries kept December production targets steady in an online meeting on Sunday, confirming that no further policy revisions will take place until next year.
ALSO READ: OPEC+ Retains December Oil Output Target Amid Iran War Disruptions: Why 2027 Quota Matters
The group consisting of Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman is struggling with export disruptions caused by the West Asia conflict.
Despite several rounds of planned output increases during 2026, Gulf producers continue to pump below their prescribed levels as the conflict has disrupted exports and affected oil flows through the region.
The seven countries, which have been leading the alliance's monthly production decisions, completed the phased reversal in September of a 1.65 million barrels per day (bpd) production cut introduced in 2023.
However, a separate reduction of approximately 2 million bpd, covering most OPEC+ members, remains in place until the end of 2026.
The immediate focus is now shifting towards the November 29 ministerial meeting, when all 21 members of the wider alliance are expected to discuss production quotas for 2027.
Brent Crude Frenzy
The global benchmark touched a six-month high in October, despite a revival of crude flows through Hormuz. Despite Trump having said that peace negotiations were underway last week, he repeated threats to resume strikes on Iran after the midterms haven't gone unnoticed.
On Thursday, a top commander briefed the US president on military options, the Wall Street Journal reported. The axios report on Trump's potential change of heart in regards of fresh strikes may have brought some respite to the oil frenzy, but the longevity will depend on how accurate the claims are.
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