# British Pound climbs above 1.3400 as Oil rout outshines strong US PMI

> GBP/USD rose about 0.26% to 1.3423, reaching a six-week high of 1.3448, after WTI fell more than 5% to $96.32 on renewed hopes for a diplomatic exit to the US-Iran conflict. US Secretary of State Marco Rubio said President Trump supports a diplomatic exit. The ISM Manufacturing PMI rose to 55.5 in October, above forecasts, while Prices Paid eased to 75.2.

- Date: 2026-11-02 · published 2026-11-02T21:12:01.211Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/75924-british-pound-climbs-above-1-3400-as-oil-rout-outshines-strong-us-pmi
- Commodities: [British Pound (USD per GBP)](https://feedsoft.ai/c/GBPUSD.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Lower crude weakened the dollar through its positive correlation with oil, and it eases the energy-driven inflation pressure that has pushed central banks toward tightening. Lower energy costs also reduce the price support for feed-grain and oilseed markets.

## Read by commodity

- DXY: bearish ▼
- WTI: bearish ▼
- GBPUSD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2026-07-27 | [The Commodities Feed: Oil slumps as the US and Iran pause strikes \| articles \| ING THINK](https://feedsoft.ai/events/8281-the-commodities-feed-oil-slumps-as-the-us-and-iran-pause-strikes-articles-ing.md) | -5.8% | -4.1% |
| WTI | 2020-03-09 | [U.S. shale producers rush to cut spending, output as oil prices tank](https://feedsoft.ai/events/4425-u-s-shale-producers-rush-to-cut-spending-output-as-oil-prices-tank.md) | -23.0% | -31.2% |
| WTI | 2026-04-01 | [Oil Declines as US, Israel Seek to Ease Concerns Over Iran War](https://feedsoft.ai/events/20329-oil-declines-as-us-israel-seek-to-ease-concerns-over-iran-war.md) | -6.6% | +6.7% |
| WTI | 2026-10-29 | [Crude oil futures fall as US seeks to revive Iran peace talks - The HinduBusinessLine](https://feedsoft.ai/events/255-crude-oil-futures-fall-as-us-seeks-to-revive-iran-peace-talks-the.md) | -2.3% | — |
| WTI | 2026-10-29 | [WTI Oil eases from highs on Iran peace hopes but remains above $100.00](https://feedsoft.ai/events/1442-wti-oil-eases-from-highs-on-iran-peace-hopes-but-remains-above-100-00.md) | -2.3% | — |
| DXY | 2026-01-20 | [Euro Strengthens Above $1.17](https://feedsoft.ai/events/7346-euro-strengthens-above-1-17.md) | -1.7% | -2.0% |
| DXY | 2026-04-14 | [Oil Down 3% as New US-Iran Talks Seen](https://feedsoft.ai/events/10136-oil-down-3-as-new-us-iran-talks-seen.md) | -0.6% | -0.8% |
| DXY | 2026-01-22 | [EUR/USD rallies above 1.1740 as easing trade tensions weaken Dollar](https://feedsoft.ai/events/7347-eur-usd-rallies-above-1-1740-as-easing-trade-tensions-weaken-dollar.md) | -1.5% | -0.9% |

## Sources

- fxstreet.com: https://www.fxstreet.com/news/british-pound-climbs-above-13400-as-oil-rout-outshines-strong-us-pmi-202611021557
- fxstreet.com: https://www.fxstreet.com/news/pound-sterling-price-news-and-forecast-gbp-usd-climbs-above-13400-as-oil-rout-outshines-strong-us-pmi-202611021656

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