Brent crude futures fell 3.2% to $109.75 a barrel, while US West Texas Intermediate (WTI) crude dropped 3.3% to $100.69. According to Reuters, the decline is attributed to renewed hopes for diplomatic progress in indirect talks between the US and Iran, coupled with the absence of significant military escalation over the weekend. This follows Brent crude ending October at a six-month high amid concerns over potential conflict escalation after the US midterm elections.