# Oil Prices Tumble Nearly 4% as US-Iran Peace Hopes Grow

> Oil fell nearly 4% on Monday as Iranian and Qatari officials held talks on a deal to end the US-Israeli war on Iran. Brent dropped $4.20 to $109.23 and WTI traded near $100 by 0900 GMT. Brent had ended October at a six-month high on fears of renewed escalation after the US midterms.

- Date: 2026-11-02 · published 2026-11-02T12:07:49.614Z
- Category: geopolitics · region Middle East · magnitude medium
- Page: https://feedsoft.ai/events/75340-oil-prices-tumble-nearly-4-as-us-iran-peace-hopes-grow
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Easing expectations of a Hormuz supply resolution are removing the geopolitical risk premium from crude, which lowers diesel and energy input costs for feed producers. Lower crude also eases pressure on freight and fertilizer costs, though price direction hinges on whether talks succeed.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼
- DIESEL: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2026-10-29 | [Oil prices fall as hopes of US-Iran peace talks ease supply fears \| Commodity News - Business Standard](https://feedsoft.ai/events/253-oil-prices-fall-as-hopes-of-us-iran-peace-talks-ease-supply-fears-commodity.md) | -2.3% | — |
| WTI | 2026-10-29 | [Oil prices fall as peace hopes offset fears of growing Middle East conflict](https://feedsoft.ai/events/251-oil-prices-fall-as-peace-hopes-offset-fears-of-growing-middle-east-conflict.md) | -2.3% | — |
| WTI | 2026-10-29 | [Arab News \| Oil prices fall as peace hopes offset fears of growing Middle East conflict](https://feedsoft.ai/events/1439-arab-news-oil-prices-fall-as-peace-hopes-offset-fears-of-growing-middle-east.md) | -2.3% | — |
| 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% |
| WTI | 2026-05-24 | [Oil tumbles nearly 7% as US and Iran seen moving closer to deal \| Reuters](https://feedsoft.ai/events/12722-oil-tumbles-nearly-7-as-us-and-iran-seen-moving-closer-to-deal-reuters.md) | -4.4% | -25.2% |
| BRENT | 2026-10-29 | [Oil prices fall as hopes of US-Iran peace talks ease supply fears \| Commodity News - Business Standard](https://feedsoft.ai/events/253-oil-prices-fall-as-hopes-of-us-iran-peace-talks-ease-supply-fears-commodity.md) | -5.4% | — |
| BRENT | 2026-10-29 | [Oil prices fall as peace hopes offset fears of growing Middle East conflict](https://feedsoft.ai/events/251-oil-prices-fall-as-peace-hopes-offset-fears-of-growing-middle-east-conflict.md) | -5.4% | — |
| BRENT | 2026-10-29 | [Arab News \| Oil prices fall as peace hopes offset fears of growing Middle East conflict](https://feedsoft.ai/events/1439-arab-news-oil-prices-fall-as-peace-hopes-offset-fears-of-growing-middle-east.md) | -5.4% | — |

## Sources

- economymiddleeast.com: https://economymiddleeast.com/news/oil-prices-fall-3-percent-brent-hits-110-as-diplomacy-talks-ease-supply-fears/
- oedigital.com: https://www.oedigital.com/news/544055-oil-prices-tumble-nearly-4-as-us-iran-peace-hopes-grow

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