Published on 26 October 2026 - 11:18 GMT+1 • Updated 11:23

Oil prices tumbled on Monday morning as diplomatic efforts to calm the Iran war gathered pace and US President Donald Trump said he was weighing a deal with Tehran.

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Brent, the global oil benchmark, fell more than 6% from about $117.4 per barrel at Friday’s close to around $110 at the time of writing, while US benchmark West Texas Intermediate dropped about 2% to $101.5 per barrel.

Friday's close was Brent’s highest since 19 March and only about 2% below the $119.5 peak hit in early March, at the start of the Iran war.…