Trump, Qatar's Emir Discuss Iran Peace Deal As Brent Suffers Biggest Weekly Drop Since COVID Crash Brent crude futures briefly tumbled to $96 a barrel before rebounding to $98.50 as diplomatic efforts to end the nine-month war with Iran progressed toward the end of the week.
President Trump spoke with Qatar's emir about Doha's efforts to broker a peace deal between Washington and Tehran. The Democratic sweep in Tuesday's midterms and Trump's subsequent comments that he had no immediate plans to strike Iran have eroded the war risk premium in crude.
Brent is on track for its steepest weekly decline since the oil market crash of April 2020 . President Trump and Qatar's Emir Sheikh Tamim bin Hamad Al Thani held a call "aimed at reaching a comprehensive agreement to end the regional crisis," according to a report from Arab Weekly .