Oil prices fall as U.S.-Iran talks continue

Iranian negotiators left Doha, Qatar, after talks, with a draft peace proposal circulating for feedback, according to an official briefed on the matter.

An official said there is potential for a follow-up meeting in the coming days.

Meanwhile, U.S. officials reported that Iranian tankers are evading naval blockades and smuggling sanctioned liquefied petroleum gas (LPG) to China through a maritime hub off Malaysia.

United Against Nuclear Iran (UANI), which conducted a months-long investigation, identified at least nine Iranian tankers as having bypassed U.S. restrictions in the Strait of Hormuz since July.

One of the tankers, the SOGL, was filmed in September receiving fuel and services in a Malaysian offshore anchorage before heading to China, where it allegedly discharged its cargo.

The Malaysian Eastern Outer Port Limits Anchorage, or EOPL, has become a key staging point for Iran’s sanctioned energy trade with China, according to UANI analysts.

Oil prices fell 3% on Monday following reports of renewed U.S.-Iran talks, with the market reacting to potential diplomatic progress and ongoing tensions.