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Brent crude fell 1.82% to $111.36 and WTI dropped 2% to $102.05. Reports said US President Trump preferred diplomacy over renewed strikes on Iran.
OPEC+ kept its December production targets unchanged at a Sunday meeting.
Signs of a diplomatic path reduce the geopolitical premium on crude, which can ease diesel and fertilizer input costs. OPEC+ holding output steady leaves supply tight while Gulf exports remain disrupted.
ndtvprofit.comKhushi MaheshwariNov 2, 2026After 250 past bearish geopolitics events, Crude Oil (Brent) moved a median -3.1% over 5 sessions (36% higher; middle half -7.9% to +1.6%), and -5.5% over 20.
After 255 past bearish geopolitics events, Crude Oil (WTI) moved a median -2.4% over 5 sessions (31% higher; middle half -7.0% to +1.7%), and -5.0% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
