Oil prices fall as reports of US-Iran talks revive hopes for negotiations

The price of North Sea oil for January futures fell to $111.8 per barrel on Monday night, Swedish time, a decline of 1.4 percent.

The decline came after sources reported that Qatari mediators were holding talks with Iranian officials, according to several international media outlets. The hope is that the US and Iran will resume peace negotiations, according to CNBC.

Iranian Foreign Minister Abbas Araghchi said this weekend that no negotiations with the US were planned, according to Al Jazeera.