Oil fell Monday amid news that both the U.S. and Iran seek diplomatic options to their conflict.
Futures for international benchmark Brent crude for January delivery fell 3.31% to $109.67 a barrel. U.S. West Texas Intermediate futures for December declined 3.34% to $100.64 per barrel.
U.S. Secretary of State Marco Rubio said that President Donald Trump prefers not to use military force and would like to resolve the Iranian war "diplomatically."
Trump "hasn't made a decision...what the president expresses to you is incredible confidence that if we needed to do something militarily, we would have the ability to do it, and we really we have everything we need to be successful. But we would prefer to do it peacefully," Rubio said, speaking to reporters over the weekend.
Iranian authorities also signaled that a deal is still possible, following two days of talks mediated by Qatar, as long as demands are implemented tangibly, according to Al Jazeera.