Crude Futures Set Lowest Close Since Aug. 31 as Iran Diplomacy Lifts Hopes

A shift toward diplomacy in the Middle East helped pull oil futures to their lowest settlement since Aug. 31 on Monday, despite continued attacks across the region.

President Trump said he saw “momentum toward an end” to the conflict. Dated Brent traded at a discount to nearby futures.

Oil futures had previously settled at their lowest since Aug. 31 during a separate decline as markets weighed midterm-related room for Iran diplomacy.

West Texas Intermediate (WTI) reached $86.48 a barrel on Nov. 9, its lowest since early September, while 10-year and 30-year U.S. Treasury yields also reached intraday lows in the same market session. Those readings use different comparison periods: the WTI figure was a low since early September, while the Treasury figures were lows within Monday’s session.