Brent crude falls 1.8% to $114.61 per barrel

Brent crude futures fell 1.8% to $114.61 per barrel, amid signs of a potential de-escalation in the US war on Iran and continued oil supply flow. US crude also dropped 2.3% to around $100.86.

Brent crude futures prices fell 1.8% to $114.61 per barrel, amid signs of a potential de-escalation in the US war on Iran and continued oil supply flow. US crude futures also dropped 2.3% to around $100.86 per barrel by 09:00. The decline follows statements by US President Donald Trump on Sunday, in which he said the United States would not launch an attack on Iran that night, and added in an interview with Fox News that Washington knows exactly what is happening at "Mount Ax" in Iran. Meanwhile, the "Mecca Alliance" countries (Turkey, Pakistan, and Saudi Arabia) are holding talks in Tehran as part of efforts to reduce regional tensions and support mediation between Washington and Tehran, and met with Iranian officials including President Masoud Pezeshkian. The market was also affected by a sharp price increase last week that prompted investors to take profits, along with continued oil supply flows despite tensions in the Gulf region.