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Oil Drops 6 Percent on Iran Peace Talks

Oil prices fell about 6 percent on Monday after Iran signaled openness to peace talks aimed at ending the conflict. Negotiators held discussions with Qatari mediators, boosting hopes for reduced Middle East supply disruptions.

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FILE PHOTO: Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. REUTERS/Drone Base/File Photo

Brent Crude Oil dropped 6.0% to $106.65 a barrel on Monday afternoon as Iran signaled openness to peace talks mediated by Qatar to end the conflict with the United States and Israel.