Oil prices fell by more than 1% in early Asian trading on Monday, amid hopes of reaching an agreement to end the US-Israeli war on Iran, following a third consecutive day of talks between Iranian and Qatari officials.
By 23:03 GMT, Brent crude futures had dropped by $1.51, or 1.33%, to $111.92 per barrel.
US West Texas Intermediate (WTI) crude also declined by $1.78, or 1.71%, to $102.34 per barrel.
The decline comes as markets await the outcome of ongoing diplomatic discussions and whether they could lead to an agreement that would bring the war to an end, easing concerns over energy supplies and shipping traffic in the region.
