Oil prices posted their sharpest drop in three months Monday, after a series of headlines on Iran gave investors hope that the Trump administration would find a way to end the conflict without further escalation.
\n\nInternational 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.
\n\nThe plunges were the largest one-day drops by percentages since July 27. For both key oil benchmarks, it was largest single-day drop in dollar terms since April 17.
\n\nEarlier on Monday, Iran’s IRNA news agency cited comments from the country’s president in which he said the Supreme Leader had “granted the government certain authorities” in relation to “seeking to resolve problems through dialogue” with its “enemies.”
\n\nTraders read that as Iran 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.
\n\nThat report followed news Sunday that, “Trump, for now, wants to let negotiations play out” with Iran, according to Axios.
\n\nAfter oil prices closed for the day, NBC News asked President Donald Trump if he was considering striking Iran after the midterms and he replied “No,”…
Original source: https://www.nbcnews.com/business