Oil Falls Over 1% Amid Iran-Qatar Talks

Oil prices fell more than 1% as Iranian and Qatari officials continued talks aimed at ending the US-Israeli war on Iran, easing some immediate fears of supply disruption. Brent crude traded near $112 a barrel and US crude near $102.50, retreating from recent highs. Traders remained alert to the risk of renewed military escalation after the US midterm elections and to disruptions in the Strait of Hormuz, a key oil-shipping route. OPEC+ agreed to keep its production targets unchanged through December. For import-dependent India, lower crude prices could ease inflation and costs for energy-intensive businesses, though a sustained decline could weigh on oil producers’ revenues.