Oil prices whipsaw on US-Iran diplomacy hopes followed by reports of limited US defensive strikes

Iran's leadership authorized further talks with Washington, and both presidents cited progress in Qatar-mediated negotiations despite significant differences. US forces reportedly carried out limited defensive strikes after the IRGC claimed to have downed US drones near the Strait of Hormuz. European gas futures also fell almost 9% during Monday's oil slump, while US heating oil posted its steepest decline in six months.