Oil prices drop amid new US-Iran talks as Trump says 'the hammer' still on the table

Key Points:

• Iranian negotiators left talks in Doha after three days as a draft peace proposal circulated, with potential for follow-up meetings, signaling progress in U.S.-Iran negotiations amid escalating tensions.
• President Donald Trump intensified threats against Iran at a campaign rally, warning that military action is still possible despite ongoing talks, stating the U.S. may soon "give them the hammer."
• U.S. investigators uncovered a covert operation involving small Iranian "ghost fleet" tankers smuggling sanctioned liquefied petroleum gas (LPG) to China via a Malaysian offshore hub, breaching the U.S. naval blockade.
• The Malaysian Eastern Outer Port Limits Anchorage has emerged as a key staging area for Iran's sanctioned energy exports, with at least nine tankers successfully evading the U.S. blockade since July.
• Oil prices dropped 3% following news of renewed peace talks, while reports indicate Trump prefers to let negotiations continue before considering renewed attacks, despite Israeli Prime Minister Netanyahu's urging for immediate action post-midterms.