Oil prices fell sharply on Monday as diplomatic contacts involving Iran, the United States and Qatar raised hopes of easing Middle East supply risks. Brent crude had reached $116.50 before falling nearly 7% and trading below its 20-day exponential moving average near $111; another market snapshot put Brent below $105 after a 7.9% decline, while WTI fell 7.5% to near $96 and traded below $100. Secretary of State Marco Rubio said President Trump preferred a diplomatic resolution, although Israeli Prime Minister Benjamin Netanyahu was reported to be pressing for further strikes. Iran said talks through Qatari mediators remained intensive but had produced no breakthrough. Goldman Sachs raised its December Brent forecast to $105 from $90 and its 2027 forecast to $88 from $80, citing substantial downside supply risks and a higher-for-longer risk premium. Peter Schiff alleged that Trump first lifted oil prices by threatening escalation after the midterm elections and then shifted toward negotiations after traders repositioned, while technical analyst Michaël van de Poppe pointed to possible downside toward $95 and potentially $80. U.S. stocks gained more than $700 billion in market value, gold rose 2%, and Bitcoin traded near $76,950 after reaching $78,742.