Crude oil prices fall for second day as market hopes for diplomatic resolution to Iran war

Crude oil prices fell Tuesday for a second consecutive session, as the market hopes the U.S. and Iran will reach a diplomatic settlement to the conflict that has disrupted global energy supplies for eight months. U.S. West Texas Intermediate futures were 42 cents lower to $96.04 a barrel after dipping below $95 earlier. Brent crude futures, the international benchmark, were down $1.23 at $103.54 a barrel. The move lower came after rumors circulated the U.S. and Iran were making progress toward a deal. Oil sold off more than 7% on Monday after Washington and Tehran signaled they were both open to discussions to reach a settlement. President Donald Trump told reporters Tehran wants "to make a deal and that could happen." Qatar is continuing to mediate talks between the U.S. and Iran, the Gulf state's foreign ministry said Tuesday. A delegation from Qatar held talks in Tehran in an effort to reach an agreement that prevents further escalation in the region and ends the U.S.-Iran conflict, the foreign ministry said. The market had been pricing in the risk of escalation after the U.S. midterm elections, as reports circulated that Washington was drafting plans for strikes on Iran. Crude ...