Crude Oil Plunges on Middle East Diplomatic Efforts Easing Supply Disruption Fears

Crude oil prices tumbled sharply on Monday as diplomatic efforts involving Qatar and Iran eased immediate concerns over potential Middle Eastern supply disruptions. West Texas Intermediate fell between 3.8% and $6.37 to trade as low as $97.75 per barrel, while Brent crude dropped up to $6.78 to $106.65 per barrel. The decline in benchmarks followed reports of discussions in Doha aimed at de-escalating military tensions involving the U.S., Israel, and Iran. The slump pressured Canadian energy equities and weighed on the Canadian dollar, though negotiators departed Doha with the outlook still uncertain.