Brent crude fell below $105 a barrel on Monday for the first time since early October, declining nearly 8% as diplomatic efforts between the United States and Iran eased concerns over potential oil supply disruptions.

The international benchmark was trading at $104.43 a barrel as of 1700 GMT, down 7.94%, The Caspian Post reports, citing Anadolu Agency.

West Texas Intermediate (WTI), the US benchmark, fell $7.62, or 7.32%, to $96.50 a barrel.

Iran's Supreme Leader Mojtaba Khamenei has approved the government's efforts to negotiate an end to the conflict.

Iranian Foreign Ministry spokesman Esmaeil Baghaei said on Monday that Deputy Foreign Minister Kazem Gharibabadi had exchanged messages with Washington through Qatari mediators in Doha.

Baghaei added that reopening the Strait of Hormuz would require the United States to lift its naval blockade of Iran.

US Secretary of State Marco Rubio said on Saturday that President Donald Trump preferred a diplomatic solution and had not yet decided whether to order fresh strikes against Iran.

Separately, seven OPEC+ producers agreed on Sunday to keep their December oil production targets unchanged, extending the pause in output increases that began in October.