LONDON, Nov 2 — Oil prices sank more than four per cent Monday as a report that Donald Trump wanted to negotiate with Iran raised hope of ending the Middle East war, as the US president prepared for pivotal midterm elections.
Weighing on crude futures was also Iran saying it is ready to reopen the Strait of Hormuz within two days should the United States agree to ending the war on all fronts, among other conditions related to the conflict.
The Axios news outlet reported that US Vice President JD Vance had sent a letter to Iranian national security chief Mohsen Rezaei about possible new talks, marking the highest-level move in months.
Share prices of energy majors dropped as gas price also fell, while many other sectors were boosted by the cooling fuel costs.
