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Brent crude fell 3.05% to about $110 a barrel and WTI fell 3.10% to $100.9 in morning trade on Monday. The decline followed three days of Iranian-Qatari talks aimed at a deal to end the US-Israeli war on Iran.
Analysts described the drop as a technical pullback after the prior week's gains.
Lower crude reduces near-term energy cost pressure on diesel, freight and nitrogen fertilizer, which supports feed margins. The move is tied to diplomacy, so it could reverse quickly if talks fail.
moneycontrol.comSarmeeli MallickNov 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.
