# Oil drops 7% as Iran signals openness to peace talks

> 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.

- Date: 2026-11-02 · published 2026-11-02T21:26:08.642Z
- Category: geopolitics · region Middle East · magnitude medium
- Page: https://feedsoft.ai/events/76187-oil-drops-7-as-iran-signals-openness-to-peace-talks
- Commodities: [Natural Gas](https://feedsoft.ai/c/NATGAS.md), [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

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.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| NATGAS | 2022-05-09 | [European Gas Drops as Russia Tries to Calm Clients Over Payments - Bloomberg](https://feedsoft.ai/events/12155-european-gas-drops-as-russia-tries-to-calm-clients-over-payments-bloomberg.md) | -6.0% | +12.3% |
| NATGAS | 2026-05-06 | [Brent Crude Price: Oil and gas plunge after report US and Iran near deal to end war](https://feedsoft.ai/events/9582-brent-crude-price-oil-and-gas-plunge-after-report-us-and-iran-near-deal-to-end.md) | +2.4% | +10.0% |
| NATGAS | 2026-04-17 | [Oil settles down 9% after Iran declares Strait of Hormuz open \| Reuters](https://feedsoft.ai/events/8807-oil-settles-down-9-after-iran-declares-strait-of-hormuz-open-reuters.md) | -3.0% | +4.7% |
| NATGAS | 2026-03-24 | [Traders bet $500 million on oil price just before Trump's post on delay to Iran attack \| Reuters](https://feedsoft.ai/events/8154-traders-bet-500-million-on-oil-price-just-before-trump-s-post-on-delay-to-iran.md) | -1.1% | -6.4% |
| NATGAS | 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) | +2.4% | +10.0% |
| WTI | 2026-03-25 | [Oil price: WTI, Brent fall as Trump signals Iran talks despite Tehran denial](https://feedsoft.ai/events/8155-oil-price-wti-brent-fall-as-trump-signals-iran-talks-despite-tehran-denial.md) | +10.2% | +1.3% |
| WTI | 2026-05-21 | [Oil falls with US-Iran peace talks in focus](https://feedsoft.ai/events/12489-oil-falls-with-us-iran-peace-talks-in-focus.md) | -9.1% | -21.3% |
| WTI | 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) | -9.6% | +0.2% |

## Sources

- biz.heraldcorp.com: https://biz.heraldcorp.com/article/10923345
- live.euronext.com: https://live.euronext.com/en/financial-news/oil-drops-7-iran-signals-openness-peace-talks
- news.jkn.co.kr: https://news.jkn.co.kr/editions/english/post/1066558
- sa.marketscreener.com: https://sa.marketscreener.com/news/cme-wti-crude-oil-futures-fall-8-as-geopolitical-risk-premium-fades-ce785fd9dd8bf22d

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