Oil prices fall as Qatari-led talks boost hopes to end US-Iran war

Oil prices slipped more than 3% on Monday, November 2, 2026, after Iranian and Qatari officials ‌held a third straight day of talks aimed at pushing for a deal to end the United States-Israeli war on Iran.

Brent crude futures fell $3.68, or 3.2%, to $109.75 a barrel by 0407 GMT, while US West Texas Intermediate crude was at $100.69 a barrel, down $3.43, or 3.3%.

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.

The chief market analyst at KCM Trade, Tim Waterer, said: “Oil is seeing a technical pullback this morning after last week’s strong gains.

“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.”

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Waterer added that the market however remained alert to the possibility that rhetoric around Iran could be ratcheted higher and push Brent toward $120 after the midterm elections.

Iranian Foreign Minister Abbas Araqchi said on Sunday that the purpose of the “ongoing and progressing” talks was to continue consultations with the Qatari mediators, ‌adding ⁠that Tehran was prepared for “both defence and diplomacy”.

The talks come amid attacks on oil tankers transiting the Strait of Hormuz that are driving up global energy and shipping costs.

In October, Saudi Arabia increased crude exports versus September despite attacks by the Iran-aligned Yemeni Houthis on its energy infrastructure, two of three ship-tracking companies said.