# Euro gives back half of its gain on US-Iran diplomacy

> EUR/USD rose to its highest since October 22 near 1.1250 before slipping back to about 1.1200 as crude oil and the dollar fell after President Trump signalled more time for diplomacy with Iran. ECB member Escriva said the energy price shock has been bigger than expected, though Banque de France's Moulin called the wider economic impact moderate.

- Date: 2026-11-02 · published 2026-11-03T00:08:53.467Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/76406-euro-gives-back-half-of-its-gain-on-us-iran-diplomacy
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md)

## Why it matters

A weaker dollar on falling crude lifts the euro, but the currency move is driven by oil and geopolitics rather than euro-area fundamentals, so it is a currency story with limited direct effect on feed commodity prices.

## Read by commodity

- DXY: bearish ▼
- WTI: bearish ▼
- BRENT: bearish ▼
- EURUSD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-05-23 | [Stocks rally as euro gains on likely rate hikes](https://feedsoft.ai/events/12688-stocks-rally-as-euro-gains-on-likely-rate-hikes.md) | +1.9% | -2.0% |
| WTI | 2022-08-30 | [Oil dives nearly $6 a barrel on demand fears, Iraq exports \| Reuters](https://feedsoft.ai/events/40224-oil-dives-nearly-6-a-barrel-on-demand-fears-iraq-exports-reuters.md) | -10.4% | -19.0% |
| WTI | 2026-07-20 | [Why oil prices haven't gone crazy despite 5 months of US-Iran war \| Reuters](https://feedsoft.ai/events/9930-why-oil-prices-haven-t-gone-crazy-despite-5-months-of-us-iran-war-reuters.md) | +9.4% | +0.4% |
| WTI | 2026-10-21 | [Dollar on back foot as US yields, crude prices dip; Aussie buoyed by hawkish RBA By Reuters](https://feedsoft.ai/events/17330-dollar-on-back-foot-as-us-yields-crude-prices-dip-aussie-buoyed-by-hawkish-rba.md) | -0.7% | — |
| WTI | 2021-03-18 | [Oil hits skids, drops 7% on worsening outlook for coronavirus in Europe](https://feedsoft.ai/events/6198-oil-hits-skids-drops-7-on-worsening-outlook-for-coronavirus-in-europe.md) | -5.3% | -1.8% |
| BRENT | 2022-08-30 | [Oil dives nearly $6 a barrel on demand fears, Iraq exports \| Reuters](https://feedsoft.ai/events/40224-oil-dives-nearly-6-a-barrel-on-demand-fears-iraq-exports-reuters.md) | -9.2% | -19.2% |
| BRENT | 2026-07-20 | [Why oil prices haven't gone crazy despite 5 months of US-Iran war \| Reuters](https://feedsoft.ai/events/9930-why-oil-prices-haven-t-gone-crazy-despite-5-months-of-us-iran-war-reuters.md) | +13.9% | +4.3% |
| BRENT | 2021-03-18 | [Oil hits skids, drops 7% on worsening outlook for coronavirus in Europe](https://feedsoft.ai/events/6198-oil-hits-skids-drops-7-on-worsening-outlook-for-coronavirus-in-europe.md) | -5.6% | -2.0% |

## Sources

- fxstreet.com: https://www.fxstreet.com/news/euro-gives-back-half-of-its-gain-on-us-iran-diplomacy-202611022216
- octabroker.com: https://www.octabroker.com/markets/news/view/1281368/

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