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January Brent futures fell 3.30% to $109.69 and December WTI fell 3.38% to $100.60 on Monday morning. Iranian Foreign Minister Abbas Araghchi said the deal depends on US answers to Iran's questions.
Indian MCX crude futures also fell about 3.8%.
Expectations of a negotiated end to the war are pulling crude lower, reducing the energy premium that feeds into diesel and fertilizer costs. A failure of talks would likely restore that premium.
thehindubusinessline.comBL Mangaluru BureauNov 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.
