Global oil prices have fallen by nearly one percent amid hopes for peace talks between Iran and the United States, reaching their lowest level in almost four weeks.
Al Jazeera reported early Wednesday, November 4, that global oil markets are assessing the state of negotiations between Iran and the United States.
According to the report, Brent crude fell by $1.17, or one percent, to $103.60 per barrel, marking its lowest closing price since October 7.
Meanwhile, US West Texas Intermediate (WTI) crude fell by 37 cents to close at $96.09 per barrel, its lowest level since October 14.
Qatar, which is acting as a mediator, has said that the United States and Iran remain committed to mediation efforts and are reviewing proposals aimed at resolving their differences.
However, mediation efforts toward peace talks between Iran and the United States have yet to produce tangible results, leaving energy prices vulnerable to further fluctuations.
