New York:Oil prices saw a significant decline of approximately 6% on Monday, driven by diplomatic efforts aimed at alleviating tensions between the United States and Iran, which have previously raised concerns about potential disruptions in oil shipments from the Gulf.

According to Anadolu Agency – English, the international benchmark Brent crude decreased by $6.90, reaching $106.50 per barrel, while the US benchmark West Texas Intermediate fell by $6.25 to $97.87 per barrel as of 1400GMT.

Iran's state-run IRNA news agency reported that Iran's Supreme Leader Mojtaba Khamenei has given his approval for the government to pursue talks to resolve the conflict. Iranian Foreign Ministry spokesman Esmaeil Baghaei announced that Deputy Foreign Minister Kazem Gharibabadi had traveled to Doha to exchange messages with Washington through Qatari mediators. Baghaei stated that Iran's proposal suggested reopening the Strait of Hormuz in exchange for an end to the US naval blockade.

US President Donald Trump, in a phone call with Israeli Prime Minister Benjamin Netanyahu, expressed his desire to allow more time for diplomacy before deciding on whether to resume strikes on Iran, as reported by Axios. US Secretary of State Marco Rubio had earlier noted that Trump favored a diplomatic solution and had not yet made a decision regarding additional military actions.

In a related development, seven OPEC+ producers agreed on Sunday to maintain their current oil production targets for December, continuing the pause in output increases that started in October.