Hopes of Iran Talks Push Oil Prices Down 7.6%

How big was the fall?

International Brent crude oil fell 7.6 percent and closed at $104.77 a barrel. US crude oil dropped 7.3 percent, to $96.46 a barrel. These were the biggest percentage falls in one day since July 27.

That is a very large movement in one day. What gave traders more hope?

Iran's IRNA news agency reported comments by the Iranian president. He said Iran's supreme leader had given the government some authority to seek solutions through dialogue with its enemies. Traders understood this as a sign that Iran could continue talks with the United States through mediators, rather than carry out more strikes on American allies in the region.

And there had also been reports about President Trump's position?

Yes. On Sunday, there was a report that President Donald Trump wanted, for now, to let negotiations with Iran continue. Then, after oil markets closed on Monday, Trump was asked twice whether he was considering strikes on Iran after the midterm elections. Both times, he answered, “No.”

So investors saw a lower risk of a wider conflict affecting oil supplies.

That was the reaction. As Trump's answer spread online, prices continued to fall. Trump also told reporters that oil was down by $10 that day, and said it would fall further because the US was winning with Iran. Later, he wrote on social media that Iran wanted a settlement as soon as possible.

But the situation is still uncertain, isn’t it?

Very much so. Reports in the past week had suggested that Trump could restart strikes on Iran after Tuesday's midterm elections. That could lead Iran to attack energy sites around the Middle East again. Trump had been given options for major new combat operations, although officials said no final decision had been made.

What could happen to oil prices if the conflict grows?

Francisco Blanch of Bank of America wrote in September that major damage to energy infrastructure in a wider conflict could push prices as high as $150 a barrel. If smaller clashes continue to limit oil flows until the end of the year, he said Brent crude could trade between $95 and $120 a barrel.

Thank you, Ethan.

Our second story is about the United States suspending trade benefits for South Africa and Rwanda.

Mia is LinguaWire's correspondent for society, and she has been covering the story.

Hello, Daniel. The United States says South Africa and Rwanda will lose duty-free access to the American market from January 1, 2027.

What trade programme are they being removed from?

It is called the African Growth and Opportunity Act, or AGOA. The programme gives certain African countries the chance to export goods to the US without paying import duties. US Trade Representative Jamieson Greer said both countries had failed to meet the programme's eligibility rules.

What do countries need to do to remain eligible?

The US reviews them every year. The rules include progress towards market-based economies, good governance, and removing barriers to US trade and investment.

What concerns did Washington raise about Rwanda?

Washington said it was deeply concerned about trade barriers, the rule of law and human rights in Rwanda. Rwanda was also suspended from the programme in 2018.

And South Africa has been an important user of these trade benefits.

It has been the largest beneficiary of AGOA. In 2025, South Africa exported about $1.7 billion of goods to the US through the programme. Its AGOA exports are mainly motor vehicles and vehicle parts, along with farm products and wine.

What reasons did the US give in South Africa's case?

Washington pointed to barriers to US trade and investment, corruption, and what it called threats to US national security and foreign policy interests. Relations have become more difficult under the Trump administration.

What has caused those wider tensions?

President Trump has accused South Africa of persecuting white people. South Africa's government says that claim is false and has been spread by fringe groups. The US has also criticised South Africa's foreign policy, including its genocide case against Israel at the International Court of Justice. Israel denies the genocide allegations.

How serious could the loss of AGOA be for South Africa's exporters?

South Africa's trade department said last week that it had prepared for a negative decision. It said AGOA exports make up about 10 percent of South Africa's exports to the US, and about 1 percent of its total exports worldwide. President Cyril Ramaphosa has said the country is seeking new markets and making trade deals with partners including China.

Thank you, Mia.

Part one: vocabulary.

Export.

Export means to send goods to another country for sale. In the story, “The programme gives certain African countries the chance to export goods to the US without paying import duties.”

The company exports coffee to Germany.

Duty.

A duty is a tax on goods brought into a country. In the story, “The programme gives certain African countries the chance to export goods to the US without paying import duties.”

Import duties can make foreign products more expensive.

Barrier.

A barrier is something that makes trade more difficult. In the story, “The rules include progress towards market-based economies, good governance, and removing barriers to US trade and investment.”

Different rules can be a barrier to trade.

Part two: the grammar.

The passive: “Rwanda was also suspended from the programme in 2018.”

Use the passive when the action is more important than the person or group that does it. Here, “was suspended” tells us what happened to Rwanda.

In the story, “Rwanda was also suspended from the programme in 2018.”

The factory was closed last year.

Repeat after me: Rwanda was also suspended from the programme in 2018.