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Brent spot fell 2.5% to $108.86 a barrel and WTI spot traded at $100.71 on Monday as diplomatic hopes challenged expectations of further Middle East fighting. BofA expects peace to restore supply and lower oil prices in the first half of 2027, while Iran says Hormuz could reopen within two days if Washington meets its demands.
Restored Hormuz flows would ease crude and fertiliser supply constraints, lowering input costs for feed. Analysts note that a proposal is not yet a supply recovery, so the price path depends on whether demands are met and on the Federal Reserve's rate outlook.
exchangerates.org.ukDave TaylorNov 2, 2026Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
