# Oil prices fall as Iran-U.S pursue diplomacy

> 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.

- Date: 2026-11-02 · published 2026-11-02T06:07:55.222Z
- Category: geopolitics · region Middle East · magnitude medium
- Page: https://feedsoft.ai/events/74898-oil-prices-fall-as-iran-u-s-pursue-diplomacy
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

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.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2024-04-17 | [Oil prices fall more than 3% as traders discount Iran-Israel war risk](https://feedsoft.ai/events/30931-oil-prices-fall-more-than-3-as-traders-discount-iran-israel-war-risk.md) | -2.5% | -9.9% |
| BRENT | 2020-01-08 | [Oil Prices Drop Sharply as Worry Over Iran Attacks Fades](https://feedsoft.ai/events/9663-oil-prices-drop-sharply-as-worry-over-iran-attacks-fades.md) | -5.9% | -21.3% |
| BRENT | 2026-04-13 | [Oil prices fall as supply concerns ease on hopes for US-Iran talks - CNA](https://feedsoft.ai/events/10085-oil-prices-fall-as-supply-concerns-ease-on-hopes-for-us-iran-talks-cna.md) | -11.3% | -3.8% |
| BRENT | 2026-03-23 | [Oil Prices Fall More Than 10% After Trump Postpones Iran Strikes](https://feedsoft.ai/events/11451-oil-prices-fall-more-than-10-after-trump-postpones-iran-strikes.md) | +1.5% | -13.8% |
| BRENT | 2026-03-25 | [Oil price: WTI, Brent fall as Trump signals Iran talks despite Tehran denial](https://feedsoft.ai/events/8155-oil-price-wti-brent-fall-as-trump-signals-iran-talks-despite-tehran-denial.md) | +15.0% | +1.0% |
| WTI | 2024-04-17 | [Oil prices fall more than 3% as traders discount Iran-Israel war risk](https://feedsoft.ai/events/30931-oil-prices-fall-more-than-3-as-traders-discount-iran-israel-war-risk.md) | -2.3% | -7.9% |
| WTI | 2020-01-08 | [Oil Prices Drop Sharply as Worry Over Iran Attacks Fades](https://feedsoft.ai/events/9663-oil-prices-drop-sharply-as-worry-over-iran-attacks-fades.md) | -7.0% | -18.9% |
| WTI | 2026-04-13 | [Oil prices fall as supply concerns ease on hopes for US-Iran talks - CNA](https://feedsoft.ai/events/10085-oil-prices-fall-as-supply-concerns-ease-on-hopes-for-us-iran-talks-cna.md) | -12.8% | -0.0% |

## Sources

- cnbc.com: https://www.cnbc.com/2026/11/02/oil-prices-fall-as-iran-us-pursue-diplomacy.html

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