# Brent below $105; Oil steadies after biggest slump in over three months on hopes of US-Iran peace talks

> Brent traded near $104 and WTI near $96 on Tuesday after both fell about 7.5% on Monday, their steepest slump in over three months. The drop followed signals from Washington and Tehran that they are willing to negotiate, while differences over sanctions, Iran's nuclear programme and Hormuz remain. European gas futures fell almost 9% and US heating oil had its sharpest decline in six months.

- Date: 2026-11-03 · published 2026-11-03T03:07:24.137Z
- Category: geopolitics · region Middle East · magnitude medium
- Page: https://feedsoft.ai/events/76863-brent-below-105-oil-steadies-after-biggest-slump-in-over-three-months-on-hopes
- Commodities: [Natural Gas](https://feedsoft.ai/c/NATGAS.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

The sharp fall in energy prices lowers fertilizer and freight costs on the margin, though it reverses only part of October's rally. Renewed hostilities would quickly restore the premium.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼
- NATGAS: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| NATGAS | 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) | +2.4% | +10.0% |
| NATGAS | 2026-04-17 | [Oil settles down 9% after Iran declares Strait of Hormuz open \| Reuters](https://feedsoft.ai/events/8807-oil-settles-down-9-after-iran-declares-strait-of-hormuz-open-reuters.md) | -3.0% | +4.7% |
| NATGAS | 2026-02-02 | [Oil Falls 5%, ULSD Tumbles 14% on De-Risking Over Iran](https://feedsoft.ai/events/5923-oil-falls-5-ulsd-tumbles-14-on-de-risking-over-iran.md) | -30.8% | -46.8% |
| NATGAS | 2026-03-24 | [Traders bet $500 million on oil price just before Trump's post on delay to Iran attack \| Reuters](https://feedsoft.ai/events/8154-traders-bet-500-million-on-oil-price-just-before-trump-s-post-on-delay-to-iran.md) | -1.1% | -6.4% |
| NATGAS | 2026-05-05 | [Oil Prices Tumble Over 3% as Risk Sentiment Shifts and Demand Concerns Weigh on WTI and Brent](https://feedsoft.ai/events/9585-oil-prices-tumble-over-3-as-risk-sentiment-shifts-and-demand-concerns-weigh-on.md) | +3.5% | +10.8% |
| WTI | 2026-03-23 | [Brent Below $100 on Oil, Fuel Swing; US Cites Iran Talks](https://feedsoft.ai/events/8540-brent-below-100-on-oil-fuel-swing-us-cites-iran-talks.md) | +2.2% | -8.1% |
| WTI | 2026-04-08 | [The Commodities Feed: Oil slumps below $100 after US, Iran agree to two-week ceasefire \| ING THINK](https://feedsoft.ai/events/10459-the-commodities-feed-oil-slumps-below-100-after-us-iran-agree-to-two-week.md) | -18.9% | -8.3% |
| WTI | 2020-01-09 | [Oil Steadies Below $60 in Midst of U.S.-Iran Conflict - Bloomberg](https://feedsoft.ai/events/9661-oil-steadies-below-60-in-midst-of-u-s-iran-conflict-bloomberg.md) | -3.0% | -14.6% |

## Sources

- cnbctv18.com: https://www.cnbctv18.com/market/commodities/crude-oil-prices-brent-wti-us-iran-peace-talks-strait-of-hormuz-war-houthis-saudi-bab-al-mandeb-west-asia-20025397.htm
- elfinanciero.com.mx: https://www.elfinanciero.com.mx/economia/2026/11/03/registra-petroleo-mayor-caida-en-poco-mas-de-tres-meses/
- moneyweb.co.za: https://www.moneyweb.co.za/news/markets/oil-steadies-after-tumbling-8-on-optimism-over-us-iran-talks/

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