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Oil slips below $112 as Doha talks on ending the Iran war enter a third day
Brent fell 1.3 percent and US crude 1.7 percent in early Asian trade on Monday, Reuters reported.
Oil prices fell more than 1 percent in early Asian trade on Monday after Iranian and Qatari officials held a third straight day of talks aimed at a deal to end the US-Israeli war on Iran, Reuters reported.
Brent crude futures were down $1.51, or 1.33 percent, at $111.92 a barrel by 2303 GMT, while US West Texas Intermediate stood at $102.34, down $1.78 or 1.71 percent. The Wall Street Journal likewise reported that futures fell on Sunday as traders held out hope for Middle East diplomacy.
The Qatari-mediated talks in Doha have been described by Iranian officials as continuing without a final deal, with Tehran tying any reopening of the Strait of Hormuz to steps by Washington. US President Donald Trump has said the United States still has "one or two targets" in Iran, while Israeli Prime Minister Benjamin Netanyahu has pressed for strikes after Tuesday's US midterm elections.
For Lebanon, which imports almost all of its fuel, crude above $100 a barrel keeps pressure on Electricité du Liban and on households already paying for private generators, at a time when the state utility is threatening cuts to indebted public institutions.
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