New York:Brent crude oil prices fell below $105 a barrel for the first time since early October, marking a nearly 8% decline, as diplomatic efforts between the United States and Iran eased concerns over potential disruptions in oil supply.

According to Anadolu Agency – English, the international benchmark Brent crude was trading at $104.43 a barrel at 1700GMT, reflecting a 7.94% decrease. Meanwhile, West Texas Intermediate, the U.S. benchmark, experienced a drop of $7.62, or 7.32%, bringing its price down to $96.50 a barrel.

Iran's Supreme Leader Mojtaba Khamenei has shown support for the government's diplomatic efforts to resolve tensions, as reported by Iran's state-run IRNA news agency. Iranian Foreign Ministry spokesman Esmaeil Baghaei mentioned that Deputy Foreign Minister Kazem Gharibabadi was engaged in message exchanges with Washington through Qatari mediators in Doha. Baghaei indicated that reopening the Strait of Hormuz would necessitate the U.S. lifting its naval blockade of Iran.

U.S. Secretary of State Marco Rubio stated on Saturday that President Donald Trump was inclined towards a diplomatic solution and had not yet made a decision regarding new military actions against Iran. In a related development, seven OPEC+ producers agreed on Sunday to maintain their December oil production targets, continuing a halt on output increases that has been in place since October.