Oil and natural gas extended a plunge on unconfirmed reports of further diplomacy in the US-Iran conflict. The US approved a draft memorandum of understanding that the Qatari delegation presented to Iran yesterday, the Al Araby news service reported Tuesday, citing sources close to the mediation team.
Oil fell as top exporter Saudi Arabia boosted flows through a key pipeline, overshadowing concerns over a US-Iran stalemate.
Brent oil spiked to $105 a barrel as rising tensions in the Middle East heightened concerns over global supplies.
