# Oil prices are contained after dropping 8% on Monday amid hopes for diplomacy and despite a report that the US conducting a small-scale, defensive attack on Iran's Qeshm Island

> Oil futures held near flat after an 8% drop on Monday, with WTI slipping back below $100 a barrel. US officials confirmed a small-scale, defensive strike on Qeshm Island aimed at stopping attacks on shipping in the Strait of Hormuz, but it had little price impact.

- Date: 2026-11-03 · published 2026-11-03T09:08:07.455Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/77348-oil-prices-are-contained-after-dropping-8-on-monday-amid-hopes-for-diplomacy
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Limited strikes and diplomatic signals have left crude range-bound, so the energy-cost pass-through to feed and fertiliser markets is steady rather than rising. A genuine escalation or deal would be needed to move prices decisively.

## Read by commodity

- WTI: neutral
- BRENT: neutral

## Sources

- newsquawk.com: https://www.newsquawk.com/headlines/market-analysis-oil-prices-are-contained-after-dropping-8-on-monday-amid-hopes-for-diplomacy-and-despite-a-report-that-the-us-conducting-a-small-scale-defensive-attack-on-irans-qeshm-island

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