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Brent fell $4.20, or 3.7%, to $109.23 and WTI dropped to $100.14 on November 2, briefly falling below $100. Iranian officials held talks with Qatari mediators on a deal to end the US-Israeli war with Iran.
Brent had gained 13.6% in October after tanker attacks in the Strait of Hormuz.
Easing fears of escalation removes a large risk premium from crude, and that pressures prices lower. The price path now depends on whether talks produce a deal or stall.
coinpaper.comEmir AbyazovNov 2, 2026After 250 past bearish geopolitics events, BRENT moved a median -3.1% over 5 sessions (36% higher; middle half -7.9% to +1.6%), and -5.5% over 20.
After 255 past bearish geopolitics events, WTI moved a median -2.4% over 5 sessions (31% higher; middle half -7.0% to +1.7%), and -5.0% 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.
