Oil prices fell about 1% to a nearly four-week low, driven by hopes for peace talks between the US and Iran. Brent crude futures dropped $1.17, or 1%, to settle at $103.60 a barrel, marking their lowest close since October 7. US West Texas Intermediate (WTI) crude fell 37 cents to $96.09, its lowest level since October 14. Mediator Qatar stated that the US and Iran remain committed to mediation efforts and are reviewing proposals aimed at bridging their differences. Analysts at Dutch bank ING noted that despite these positive signals, it may be premature to assume the risk of escalating conflict has passed, though strong signs of progress in peace talks would mean increased downside pressure for oil prices.