# Oil prices slide in biggest drop since July on hope for more Iran talks

> Brent crude fell 7.6% to $104.77 a barrel and US crude dropped 7.3% to $96.46 on Monday, their sharpest declines in three months. The drop followed reports that Iran's government was authorized to pursue dialogue with its enemies and that Trump wants negotiations to play out.

- Date: 2026-11-02 · published 2026-11-03T00:08:08.890Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/76393-oil-prices-slide-in-biggest-drop-since-july-on-hope-for-more-iran-talks
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Easing expectations of further strikes on Hormuz-region supply lower the risk premium in crude and diesel, which feeds through to freight, fertilizer and feed-processing costs. Lower energy costs ease pressure on feed-making and biofuel-linked demand for soy oil and corn.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2026-05-29 | [Oil Sees Biggest Weekly Loss Since April on Iran Deal Talk](https://feedsoft.ai/events/12490-oil-sees-biggest-weekly-loss-since-april-on-iran-deal-talk.md) | +2.5% | -21.2% |
| BRENT | 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) | -11.3% | -3.8% |
| BRENT | 2026-05-29 | [Brent oil price in May posts biggest monthly loss since 2020](https://feedsoft.ai/events/12487-brent-oil-price-in-may-posts-biggest-monthly-loss-since-2020.md) | +2.5% | -21.2% |
| BRENT | 2026-05-29 | [Oil prices on track for steepest monthly fall since 2020 \| Oil \| The Guardian](https://feedsoft.ai/events/12721-oil-prices-on-track-for-steepest-monthly-fall-since-2020-oil-the-guardian.md) | +2.5% | -21.2% |
| BRENT | 2018-07-11 | [Brent crude suffers biggest price drop in two years](https://feedsoft.ai/events/10093-brent-crude-suffers-biggest-price-drop-in-two-years.md) | -8.7% | -6.2% |
| WTI | 2026-05-29 | [Oil Sees Biggest Weekly Loss Since April on Iran Deal Talk](https://feedsoft.ai/events/12490-oil-sees-biggest-weekly-loss-since-april-on-iran-deal-talk.md) | +4.6% | -23.5% |
| 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 | 2026-05-29 | [Brent oil price in May posts biggest monthly loss since 2020](https://feedsoft.ai/events/12487-brent-oil-price-in-may-posts-biggest-monthly-loss-since-2020.md) | +4.6% | -23.5% |

## Sources

- nbcnews.com: https://www.nbcnews.com/business/energy/oil-prices-slide-trump-hope-iran-talks-rcna607107

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