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Oil prices fell more than 7% on Monday after talks between Iranian and Qatari officials raised hopes of ending the US-Israeli war with Iran. Iran's president said the supreme leader had granted the government certain authorities for peace talks, and a draft proposal is circulating.
Brent fell to about $105 a barrel and WTI to about $97.
Peace prospects in the Middle East reduce the risk of further disruption to crude and diesel supply, which lowers energy costs for feed production, transport and fertiliser. Traders remain skeptical after earlier false dawns, so prices could rebound if talks stall.
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sa.marketscreener.comPublicnowNov 2, 2026After 15 past bearish geopolitics events, NATGAS moved a median -1.1% over 5 sessions (40% higher; middle half -9.2% to +2.4%), and +4.7% over 20.
After 242 past bearish geopolitics events, WTI moved a median -2.7% over 5 sessions (33% higher; middle half -7.5% to +1.8%), and -5.0% over 20.
After 239 past bearish geopolitics events, BRENT moved a median -2.9% over 5 sessions (38% higher; middle half -8.4% to +1.9%), and -5.5% over 20.
After 50 past bearish geopolitics events, DIESEL moved a median -2.4% over 5 sessions (38% higher; middle half -8.4% to +4.0%), and -2.3% 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.
Watch the 24-second version · Oil falls more than 7% on Iran peace-talk hopes: what it means for feed costs
