LONDON/NEW YORK — Brent crude oil prices fell over 6.5% to $105.55 a barrel on Monday, reaching their lowest level since mid-October as markets reacted to reports of diplomatic progress in efforts to end the Iran-U.S. conflict. The decline came after Iranian Foreign Minister Abbas Araghchi stated that consultations through mediators were very intensive and that Iran had presented its conditions and proposals, with the outcome dependent on the political rationality of Washington. Over the weekend, Qatari officials attempted to negotiate the release of more than $6 billion in frozen Iranian assets to facilitate the reopening of the Strait of Hormuz. Despite earlier bellicose statements from former U.S. President Donald Trump suggesting consequences if progress was not made, investors responded positively to reports that Iran's supreme leader had granted his government powers in talks with the United States. The oil price drop sparked hopes of relief from inflationary pressures gripping the global economy, with the yield on 10-year UK bonds falling 10 basis points to the lowest since September 22. Shares in British Airways' parent company IAG rose 4.2% in London, while United Airlines jumped 7% in New York.