Crude oil futures experienced a decline exceeding 3% on Monday, spurred by ongoing diplomatic initiatives involving Iran and Qatar that fostered optimism regarding a resolution to the US-Israeli conflict on Iran, thereby mitigating anxieties surrounding protracted supply chain interruptions. Brent crude retreated towards $110 per barrel, while WTI decreased to approximately $100.60. Concurrently, OPEC+ reaffirmed its December production targets, postponing additional policy modifications until next year in light of persistent export disruptions. Market participants will also scrutinize this week’s US jobs report for additional insights into the Federal Reserve’s policy trajectory. On the MCX, November crude oil futures decreased almost 4% to Rs.9,548 per barrel.