Oil Prices Today: Brent Crude Falls Below $98 After Weekly Decline of Over 16% as US-Iran Talks Remain Uncertain

Oil prices remained under pressure on Monday, with Brent crude slipping below $98 per barrel after a weekly decline of more than 16%. US-Iran negotiations and fresh security incidents in the Middle East continued to shape market sentiment. 

West Texas Intermediate crude was trading near $90 per barrel. Brent's latest fall marks its biggest weekly decline since April 2020, taking prices further away from the six-month high recorded at the end of October. 

Conflicting Signals From Washington 

The possibility of a diplomatic settlement has influenced oil trading, but comments from the US administration have left the outcome uncertain. 

Secretary of State Marco Rubio described Iran's demands as unacceptable. President Donald Trump, meanwhile, reportedly indicated that further military strikes were highly unlikely if negotiations made substantial progress. 

Strait of Hormuz Remains Under Watch 

Fresh incidents have kept concerns over oil supplies alive despite the fall in prices. A tanker was reportedly struck by an unidentified projectile while sailing out through the Strait of Hormuz, according to the UK Maritime Trade Operations. 

Separately, Houthi rebels in Yemen reportedly damaged Saudi Aramco offices in Riyadh. Saudi forces responded by destroying two missile launchers. 

The Strait of Hormuz remains an important shipping route for global oil supplies, making developments in the area a key concern for traders. 

Asian Markets Open Mixed 

Asian equities had a mixed start to the week. Japan's Nikkei 225 gained 1.44%, while the Topix advanced 2.09%. 

South Korea's Kospi declined 0.69% and the Kosdaq slipped 0.87%. Australia's S&P/ASX 200 was down 0.31%. 

Read More: Divi’s Laboratories Share Price Surges Over 5% After Q2 FY27 Earnings Results; PAT Rises 64% to ₹1,127 Crore! 

Conclusion 

Brent's fall below $98 reflects growing hopes of a diplomatic breakthrough, although fresh regional attacks and uncertainty over negotiations continue to leave oil supply concerns unresolved. 

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