Oil Prices Plunge as Draft Proposal to End U.S.-Iran War is Circulated

S. -Iran war is now being circulated after Iranian negotiators left Qatar, an official briefed on the talks told Reuters on Monday. Oil prices slumped by 3% in Asian trade on Monday amid renewed optimism about a possible peace deal between the United States and Iran, following reports about mediation talks between Iran and Qatar over the weekend.

Iranian negotiators left Qatar on Sunday and a draft proposal is now being circulated for a potential follow-up meeting, the Reuters source said, without elaborating on what the draft proposal could possibly entail. “Lingering hopes of some form of diplomatic progress, combined with the absence of any meaningful military escalation over the weekend, have taken some of the immediate heat out of prices for now,” KCM Trade’s chief market analyst Tim Waterer…