Oil prices fall by 3% on US-Iran de-escalation

Oil prices fell 3% on Monday as US President Donald Trump said over the weekend Iran was “seriously talking” with Washington, signalling de-escalation with an OPEC member after risks of a military strike drove prices to multi-month highs. Brent crude futures were down $2, or 2.9%, to $67.28 per barrel at 0100 GMT. U.S. West Texas Intermediate crude also fell $2, or 3.1%, to $63.17 per barrel. Both contracts dropped sharply from the previous sessions, when Brent touched a six-month high and WTI was hovering near its highest since late September on mounting tensions between the United States and Iran.