Oil price falls amid hope of a breakthrough to end Iran war
Summary
Oil prices fell after reports that Iran and the United States were continuing talks to end their eight-month war. The decline lifted airline shares and lowered government borrowing costs, as investors weighed hopes for a deal against Donald Trump’s threat of further action.Key Facts
- Brent crude fell more than 6.5% on Monday to as low as $105.55 a barrel, its lowest level since 16 October.
- Iranian Foreign Minister Abbas Araghchi said talks through mediators were intensive and that Iran had presented conditions and proposals.
- Qatari officials reportedly sought to negotiate the release of more than $6 billion in Iranian assets in return for Iran allowing the Strait of Hormuz to reopen.
- Iranian Supreme Leader Mojtaba Khamenei reportedly gave his government powers in talks with the United States.
- Donald Trump told voters in Iowa that Iran would face “the hammer” if talks did not progress.
- The yield on 10-year UK government bonds fell 10 basis points to its lowest level since 22 September.
- Shares in IAG, the parent company of British Airways, rose 4.2%, while United Airlines shares gained 7%.
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