Brent crude falls over 6% to $105.55 on hopes of an end to Iran war

▼ Easing

Iran says indirect talks with US are 'intensive' as Brent falls over 6%

On Monday Iran's foreign ministry said it is holding intensive indirect talks with Washington to prevent a new round of US strikes, and that it has plans to reopen the Strait of Hormuz if the US meets its demands. Iran also outlined a two-day plan to reopen the strait and resume nuclear talks, while Israeli Prime Minister Netanyahu said he wants to "finish the job" first. Brent crude fell more than 6.5% to as low as $105.55 on hopes of a breakthrough. Earlier, Iran's IRGC said two tankers hit mines and caught fire in the strait, and President Trump repeated at a Sunday rally that he might resume strikes.

• Brent crude fell to as low as $105.55 a barrel on Monday, its lowest since 16 October.
• Indirect talks in Doha ran into a third day on Sunday, with Qatar trying to negotiate the release of more than $6bn in Iranian assets.
• Iran warns a renewed war could outlast the last one and that retaliation would not be limited by geography.
• China is sending an envoy to the Gulf and urging dialogue, and Gulf states fear renewed US attacks after Tuesday's US midterms.