# Oil Prices Plunge as Draft Proposal to End U.S.-Iran War is Circulated

> Oil prices fell about 3% in Asian trade on Monday after a draft proposal to end the U.S.-Iran war began circulating following Iranian negotiators' departure from Qatar. Iran's Foreign Ministry said no final agreement or Hormuz reopening would occur until the U.S. naval blockade ends and its demands are met.

- Date: 2026-11-02 · published 2026-11-03T00:22:49.991Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/76599-oil-prices-plunge-as-draft-proposal-to-end-u-s-iran-war-is-circulated
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Easing hopes of a Hormuz reopening reduce the geopolitical risk premium on crude, which lowers diesel and energy input costs for feed production and freight, while a stalled deal keeps supply-driven volatility high.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2026-03-24 | [Oil prices drop 2% as Iran considers US proposal to end war \| Reuters](https://feedsoft.ai/events/8151-oil-prices-drop-2-as-iran-considers-us-proposal-to-end-war-reuters.md) | +15.1% | +0.4% |
| BRENT | 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) | -2.3% | -11.1% |
| BRENT | 2026-04-08 | [Oil prices plunge on Trump's US-Iran ceasefire post](https://feedsoft.ai/events/6900-oil-prices-plunge-on-trump-s-us-iran-ceasefire-post.md) | -13.7% | -8.7% |
| BRENT | 2026-03-10 | [Oil prices dive as Trump says Iran war will end ‘very soon’ \| CNN Business](https://feedsoft.ai/events/6630-oil-prices-dive-as-trump-says-iran-war-will-end-very-soon-cnn-business.md) | +4.1% | +27.2% |
| BRENT | 2020-03-09 | [Oil plunges in Asia as producers start price war](https://feedsoft.ai/events/4422-oil-plunges-in-asia-as-producers-start-price-war.md) | -27.3% | -36.6% |
| WTI | 2026-03-24 | [Oil prices drop 2% as Iran considers US proposal to end war \| Reuters](https://feedsoft.ai/events/8151-oil-prices-drop-2-as-iran-considers-us-proposal-to-end-war-reuters.md) | +17.0% | +4.7% |
| WTI | 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) | +0.0% | -5.8% |
| WTI | 2026-04-08 | [Oil prices plunge on Trump's US-Iran ceasefire post](https://feedsoft.ai/events/6900-oil-prices-plunge-on-trump-s-us-iran-ceasefire-post.md) | -18.9% | -8.3% |

## Sources

- oilprice.com: https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Plunge-as-Draft-Proposal-to-End-US-Iran-War-is-Circulated.html

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