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Posted On: November 2nd 2026, 03:56 pm
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Brent crude oil fell sharply by about 5–6% on November 2, 2026, trading near $106–109 per barrel amid reports of progress toward a US-Iran deal.
The drop followed signals of ongoing Qatar-mediated talks, including US Secretary of State Marco Rubio’s comments that President Trump preferred diplomacy over further military action, along with Iranian indications of openness to negotiations that could ease the conflict and help reopen the Strait of Hormuz.
Prices had recently hit six-month highs near $117–118 on escalation fears tied to the ongoing conflict (which began earlier in 2026), but the diplomatic hopes reduced the geopolitical risk premium, though underlying supply concerns and post-midterm risks remain.
Brent crude oil fell sharply by about 5–6% on November 2, 2026, trading near $106–109 per barrel amid reports of progress toward a US-Iran deal.
The drop followed signals of ongoing Qatar-mediated talks, including US Secretary of State Marco Rubio’s comments that President Trump preferred diplomacy over further military action, along with Iranian indications of openness to negotiations that could ease the conflict and help reopen the Strait of Hormuz.
Prices had recently hit six-month highs near $117–118 on escalation fears tied to the ongoing conflict (which began earlier in 2026), but the diplomatic hopes reduced the geopolitical risk premium, though underlying supply concerns and post-midterm risks remain.
Comments (151)
a day agogaurav6339
8% crash hua hai backchod be ready for big move agar or knowledge chahiye to follow me..
2 days agoray128128128
I lost track, is this deal # 5 or 6? Bunch of B.S causing a war when inflation and cost of living was already sky high for most hard working Americans. Very foolish move by Trump
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