FX.co ★ Crude Oil Extends Losses to Over 6%

Crude oil prices extended their slide on Monday, tumbling more than 6% to below $98 a barrel, as growing optimism over a diplomatic resolution to the US–Iran standoff eased fears of further supply disruptions. Iran’s state-run IRNA news agency reported that the country’s supreme leader has authorized the government to pursue negotiations aimed at ending the months-long conflict that has unsettled energy supplies across the Middle East.

The move came after reports that US President Donald Trump also wanted to allow more time for diplomacy before considering renewed military action, telling Israeli Prime Minister Benjamin Netanyahu that he preferred negotiations. US Secretary of State Marco Rubio reaffirmed that Trump favored a peaceful outcome, while Iranian officials indicated that a deal remained within reach after two days of Qatar-mediated talks, provided that any commitments are fully implemented in practice.