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Oil fell on Monday as reports said both the US and Iran are seeking a diplomatic route to end the Iran war. US Secretary of State Marco Rubio said Trump prefers to resolve the conflict diplomatically, and Iranian authorities signaled a deal is still possible after two days of Qatar-mediated talks.
Brent fell 3.31% to $109.67 and WTI fell 3.34% to $100.64.
Easing war risk removes some of the supply-disruption premium from crude, which lowers expected diesel and fertilizer costs for feed producers. The price direction depends on whether talks produce a deal or stall.
cnbc.comJustina LeeNov 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.
