Brent crude futures fell 75 cents, or 0.75 percent, to $97.57 a barrel by 10:11 GMT on Monday, Reuters reported. U.S. West Texas Intermediate futures fell 38 cents, or 0.4 percent, to $90.45. Both are intraday prices, not settlements.

Brent settled at $98.32 a barrel on Friday, Nov. 6, and WTI at $90.83, CNBC reported.

Earlier on Monday, in Asian trading, Brent was near $98.35 and WTI near $91.30, according to Reuters. Both had slipped by European morning.

By contract, Brent for January delivery was at $97.50, down 0.83 percent, and WTI for December delivery was at $90.35, down 0.53 percent, at about 10:07 GMT, according to The Edge's market wrap.

Last week's drop

Brent fell about 16 percent last week. That was its steepest weekly decline since the start of the COVID pandemic, Reuters reported, and LSEG data going back to 1988 show it was also the largest drop in dollar terms.

Trump on Iran

President Donald Trump told CNN on Sunday that it was "highly unlikely it's going to be necessary" to order fresh strikes on Iran, as long as talks to end the conflict progress. "It depends on whether or not they sign a very strong agreement," he said.

Both countries reported ships hit in or near the Strait of Hormuz, Reuters reported on Nov. 8. The United States said it disabled a ship trying to break its blockade of Iran. Iran said two ships hit mines in the strait and a third caught fire.

Iranian media reported that no ships transited Hormuz on Sunday, and Iran said navigational aids in the southern part of the strait had been destroyed, according to Reuters.

Iraq's foreign minister said in an interview with Al Jazeera that Iraq had reached an understanding with the United States to allow Iraqi oil exports through Hormuz using a lane near Oman, Moneycontrol reported.

Supply estimates

Ole Hansen of Saxo Bank said oil was trading lower "on hopes of a US-Iran peace deal rather than concrete signs of progress." Giovanni Staunovo of UBS pointed to weakness in the physical market, supported by still-elevated flows out of the Middle East, Reuters reported.

JPMorgan said on Friday, according to Reuters, that global supply is running above consumption. The bank estimated the surplus at 1.1 million barrels a day in September, widening to 1.4 million barrels a day in October.

Goldman Sachs raised its long-term outlook, according to the Reuters report carried by Moneycontrol. Brent could reach $140 a barrel in 2027, with an average of about $130 in its upside scenario, if Gulf production stays 3.5 million barrels a day below its 2025 average.

Metals and the dollar

At about 10:17 GMT, COMEX gold for December delivery was up 0.80 percent at $4,107.60 and silver was up 1.24 percent at $52.59, according to The Edge. The dollar index was down 0.46 percent at 101.82. All are intraday prices.