The Zhitong Finance App learned that according to reports, Iran made concessions on the Strait of Hormuz issue, and oil prices fell in response. Meanwhile, diplomatic efforts aimed at ending the war in the Middle East continue. The global benchmark Brent crude oil fell more than 3% to fall below $95 per barrel; it had just recorded its biggest weekly decline since April 2020.

US President Trump said over the weekend that he is “extremely unlikely” to order a large-scale attack on Iran, but he also said that this depends on whether Iran signs a “very strong agreement.”

Subsequently, there were reports that Iran seemed to have abandoned the requirement to control the Strait of Hormuz and charge transit fees to transit vessels. Affected by this unconfirmed news, oil prices fell to a new low in the day.

After the Democratic Party swept through the US midterm elections and allayed market concerns about a serious escalation of the conflict, crude oil has fallen sharply from a six-month high at the end of October. However, it is unclear whether these mild remarks will translate into real progress. However, according to reports, the US has once again attacked Iran's Qeshm Island; at the same time, US Secretary of State Rubio downplayed the possibility of a breakthrough in the negotiations.

As of press release, Brent crude oil futures fell 3.54% to 94.84 US dollars/barrel; WTI crude oil futures fell 2.92% to 88.18 US dollars/barrel.

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