Oil prices dropped Monday, with Brent crude, the international standard, down 4.2% to $108.68 per barrel. Still, that’s much higher than the roughly $65 that a barrel of crude was selling for at this time last year.
Benchmark U.S. crude fell 4.2%, to $99.74 a barrel, compared with $61 per barrel at this time last February.
Iran’s top diplomat said in an interview shared on his Telegram channel over the weekend that Iranian negotiators were in Qatar for talks on a proposal that could reopen the Strait of Hormuz within two days if the U.S. meets several conditions. However, he said no direct talks were being held with the U.S.
The final outcome of the diplomatic efforts to avoid a return to all-out war depends on answers provided by the United States to the “Iranian questions,” he said.
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