Oil prices dropped significantly on Monday. A barrel (159 litres) of North Sea Brent crude for January delivery traded at $96.76 at the start of the week, approximately 1.5 percent lower than on Friday.
The decline was driven by hopes of a diplomatic resolution to the conflict between the United States and Iran. At the same time, renewed attacks in the Middle East continue to fuel uncertainty in global energy markets.
U.S. President Donald Trump described the possibility of new large-scale American strikes against Iran as “very unlikely” as long as progress continues in negotiations.
“It depends on whether they sign a very strong agreement or not,” Trump said in a telephone interview with CNN over the weekend, referring to Iran’s leadership.
