Oil prices fell more than 7% last Monday, with December Brent crude futures closing at approximately $104.77 per barrel in London, amid hopes that mediation involving Qatar could help end the conflict between Washington and Tehran.

Iran reportedly held talks with Qatari and Pakistani mediators about reopening the Strait of Hormuz and resuming peace negotiations. Saudi Arabia, the United Arab Emirates and Qatar also engaged with Tehran.

Brent ended October at a six-month high amid escalation concerns. Subsequent reports indicated a weekly decline of nearly 12%, although renewed military developments in the Gulf of Oman could increase market volatility.