# Brent slips to $111 as a two-day Hormuz plan lands — the supply-risk premium is the only thing being sold

> Brent fell 1.95% to $111.20 and WTI fell 1.70% to $101.92 on Monday, even though two tankers were reportedly struck by mines in the Strait of Hormuz on Sunday. The decline followed Iran's report that a Qatar-brokered proposal had been compressed into a two-day plan of US measures followed by a reopening of the strait. OPEC+ kept its December output target unchanged for a third month.

- Date: 2026-11-02 · published 2026-11-02T06:07:55.407Z
- Category: geopolitics · region Middle East · magnitude medium
- Page: https://feedsoft.ai/events/74901-brent-slips-to-111-as-a-two-day-hormuz-plan-lands-the-supply-risk-premium-is
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

The market is pricing out the supply-risk premium on the expectation of a Hormuz reopening, which would ease energy costs for feed. Physical attacks in the strait still leave the supply risk unresolved.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2026-06-25 | [Brent oil erases wartime gains as Hormuz reopening boosts supply - The Japan Times](https://feedsoft.ai/events/18992-brent-oil-erases-wartime-gains-as-hormuz-reopening-boosts-supply-the-japan-times.md) | -3.4% | +29.1% |
| BRENT | 2026-05-06 | [Oil and gas prices fall sharply, driven by hopes of strait of Hormuz reopening – as it happened \| Business \| The Guardian](https://feedsoft.ai/events/9584-oil-and-gas-prices-fall-sharply-driven-by-hopes-of-strait-of-hormuz-reopening.md) | -2.3% | -11.1% |
| BRENT | 2026-04-17 | [Oil price drops below $90 a barrel after Iran says strait of Hormuz is open \| Oil \| The Guardian](https://feedsoft.ai/events/8812-oil-price-drops-below-90-a-barrel-after-iran-says-strait-of-hormuz-is-open-oil.md) | +1.3% | +0.6% |
| BRENT | 2026-05-05 | [Oil prices fall 4% as fragile US-Iran ceasefire holds, two ships pass through Strait of Hormuz \| Reuters](https://feedsoft.ai/events/9581-oil-prices-fall-4-as-fragile-us-iran-ceasefire-holds-two-ships-pass-through.md) | -9.6% | -16.4% |
| BRENT | 2021-04-01 | [OPEC Supply Rises as Iran Rebound Complicates Balancing Task - Bloomberg](https://feedsoft.ai/events/47510-opec-supply-rises-as-iran-rebound-complicates-balancing-task-bloomberg.md) | -1.4% | +7.7% |
| WTI | 2026-06-25 | [Brent oil erases wartime gains as Hormuz reopening boosts supply - The Japan Times](https://feedsoft.ai/events/18992-brent-oil-erases-wartime-gains-as-hormuz-reopening-boosts-supply-the-japan-times.md) | -2.4% | +23.0% |
| WTI | 2026-04-17 | [Oil price drops below $90 a barrel after Iran says strait of Hormuz is open \| Oil \| The Guardian](https://feedsoft.ai/events/8812-oil-price-drops-below-90-a-barrel-after-iran-says-strait-of-hormuz-is-open-oil.md) | +2.3% | +7.9% |
| WTI | 2026-05-05 | [Oil prices fall 4% as fragile US-Iran ceasefire holds, two ships pass through Strait of Hormuz \| Reuters](https://feedsoft.ai/events/9581-oil-prices-fall-4-as-fragile-us-iran-ceasefire-holds-two-ships-pass-through.md) | -7.6% | -11.4% |

## Sources

- mitrade.com: https://www.mitrade.com/insights/commodity-analysis/oil-news/brent-111-hormuz-two-day-plan-premium-20261102J1102

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