Brent crude futures dipped into the $93-a-barrel handle early Monday morning, extending last week's selloff, the largest weekly decline since April 2020, while WTI traded near $87.37 a barrel.
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Continued diplomatic signals outweighed a wave of regional violence over the weekend, including a Houthi missile strike on a Saudi Aramco office tower in Riyadh's financial district, tanker attacks in the Strait of Hormuz, US forces disabling a vessel in the critical waterway, and US strikes on Iranian air-defense equipment on Qeshm Island.
President Trump on Sunday finally got the memo after the GOP's disastrous midterm.
Trump remarked Sunday that it is "highly unlikely" he will need to order US forces to war with Iran as long as there is progress in negotiations. Indirect talks are currently happening via Qatari and Gulf mediation.
"It depends on whether or not they sign a very strong agreement," Trump told CNN's Jim Sciutto in a phone interview. Then the president explained:
"The answer is highly unlikely it's going
