Oil Plunges More Than 6% From Near Wartime Highs as Iran Diplomacy Gathers Pace

Brent crude fell more than 6% on Monday, dropping from about $117.4 a barrel at Friday's close to around $110, as diplomatic efforts to calm the Iran war accelerated. West Texas Intermediate dropped about 2% to $101.5 a barrel. Friday's Brent close was its highest since March 19 and only about 2% below the $119.5 peak hit in early March at the war's start. Before the conflict, Brent traded near $72. Prices had surged last week after Yemen's Houthi rebels attacked airports and energy facilities in Saudi Arabia. Qatari mediators reportedly traveled to Tehran on Sunday in coordination with Washington, while Saudi Arabia's defense minister, Pakistan's army chief and Turkey's intelligence chief were due in the Iranian capital on Monday. In a Fox News interview on Sunday, President Donald Trump said he was weighing "do I make a deal with them, or do I finish them off?" Supply risks persist: the Houthis said they struck Saudi sites again over the weekend, and Riyadh reported downing further missiles and drones. European equities rose, with the Stoxx 600 up over 0.6%, ahead of Federal Reserve, ECB and Bank of Japan rate decisions this week.