# Brent Crude Cools Off To $111/Barrel After Report Signals US Diplomatic Push On Iran, OPEC+ Countries Keep Dec Targets Steady

> 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.

- Date: 2026-11-02 · published 2026-11-02T03:08:04.139Z
- Category: geopolitics · region Middle East · magnitude low
- Page: https://feedsoft.ai/events/74651-brent-crude-cools-off-to-111-barrel-after-report-signals-us-diplomatic-push-on
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

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.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2026-05-06 | [Brent Crude Price: Oil and gas plunge after report US and Iran near deal to end war](https://feedsoft.ai/events/9582-brent-crude-price-oil-and-gas-plunge-after-report-us-and-iran-near-deal-to-end.md) | -2.3% | -11.1% |
| BRENT | 2020-03-30 | [US, Russian oil officials to meet as Brent crude hits 18-year low \| OPEC \| Al Jazeera](https://feedsoft.ai/events/54288-us-russian-oil-officials-to-meet-as-brent-crude-hits-18-year-low-opec-al-jazeera.md) | +21.9% | -26.3% |
| BRENT | 2026-03-23 | [Brent Oil Futures Drop 14% After Trump Delays Strikes on Iran - Bloomberg](https://feedsoft.ai/events/8152-brent-oil-futures-drop-14-after-trump-delays-strikes-on-iran-bloomberg.md) | +1.5% | -13.8% |
| BRENT | 2024-11-26 | [​Brent crude oil, silver and wheat prices drop on Middle East de-escalation​ \| Levels to Watch \| IG International](https://feedsoft.ai/events/11779-brent-crude-oil-silver-and-wheat-prices-drop-on-middle-east-de-escalation.md) | -1.8% | -1.7% |
| BRENT | 2024-08-30 | [Crude Oil snaps support after OPEC sources confirm gradual reopening of production](https://feedsoft.ai/events/28976-crude-oil-snaps-support-after-opec-sources-confirm-gradual-reopening-of.md) | -8.9% | -10.4% |
| WTI | 2026-05-06 | [Brent Crude Price: Oil and gas plunge after report US and Iran near deal to end war](https://feedsoft.ai/events/9582-brent-crude-price-oil-and-gas-plunge-after-report-us-and-iran-near-deal-to-end.md) | +0.0% | -5.8% |
| WTI | 2020-03-30 | [US, Russian oil officials to meet as Brent crude hits 18-year low \| OPEC \| Al Jazeera](https://feedsoft.ai/events/54288-us-russian-oil-officials-to-meet-as-brent-crude-hits-18-year-low-opec-al-jazeera.md) | +64.1% | -28.3% |
| WTI | 2026-03-23 | [Brent Oil Futures Drop 14% After Trump Delays Strikes on Iran - Bloomberg](https://feedsoft.ai/events/8152-brent-oil-futures-drop-14-after-trump-delays-strikes-on-iran-bloomberg.md) | +2.2% | -8.1% |

## Sources

- ndtvprofit.com: https://www.ndtvprofit.com/markets/oil-prices-today-brent-drops-to-111-amid-reports-of-us-seeking-diplomatic-solution-with-iran-opec-countries-keep-december-targets-steady-12269031

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.