Oil prices slipped more than 3 per cent after Iranian and Qatari officials held a third straight day of talks aimed at pushing for a deal to end the US-Israeli war on Iran.

Brent crude futures fell $3.68, or 3.2pc, to $109.75 a barrel while US West Texas Intermediate crude was at $100.69 a barrel, down $3.43, or 3.3pc.

Brent ended October at its highest in six months amid concerns that the US-Iran conflict could escalate again after Tuesday’s US midterm elections.

“Oil is seeing a technical pullback this morning after last weeks strong gains,” said Tim Waterer, chief market analyst at KCM Trade.

“Lingering hopes of some form of diplomatic progress, combined with the absence of any meaningful military escalation over the weekend, have taken some of the immediate heat out of prices for now.”