# Oil Settles Lower as Market Holds Out Hope for Middle East Diplomacy -- 3nd Update

> Oil futures settled lower on Tuesday as Brent for January delivery fell 1.1% to $103.60 a barrel and WTI for December slipped 0.4% to $96.09. The U.S. struck Iran's Qeshm Island on Monday, reportedly the latest in a series of limited strikes, while diplomatic efforts continued and Trump signaled a possible deal.

- Date: 2026-11-03 · published 2026-11-04T00:10:28.604Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/78567-oil-settles-lower-as-market-holds-out-hope-for-middle-east-diplomacy-3nd-update
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Diplomacy-driven hopes are removing part of the geopolitical risk premium from crude, which lowers diesel and energy input costs for feed producers, though escalation risk remains high.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2025-06-24 | [Arab News \| Oil Updates — crude extends losses on lower Middle East supply risk](https://feedsoft.ai/events/10002-arab-news-oil-updates-crude-extends-losses-on-lower-middle-east-supply-risk.md) | -6.9% | -3.2% |
| BRENT | 2024-05-01 | [Oil falls to 7-week low on surprise US storage build, Middle East hopes](https://feedsoft.ai/events/7230-oil-falls-to-7-week-low-on-surprise-us-storage-build-middle-east-hopes.md) | -5.8% | -6.2% |
| BRENT | 2026-10-29 | [Oil prices fall as peace hopes offset fears of growing Middle East conflict](https://feedsoft.ai/events/251-oil-prices-fall-as-peace-hopes-offset-fears-of-growing-middle-east-conflict.md) | -5.4% | — |
| BRENT | 2026-03-10 | [Oil dives, settles down 11% after Trump predicts Middle East de-escalation \| Reuters](https://feedsoft.ai/events/6628-oil-dives-settles-down-11-after-trump-predicts-middle-east-de-escalation-reuters.md) | +4.1% | +27.2% |
| BRENT | 2026-05-27 | [Oil settles 5% lower as investors await updates on US-Iran peace deal talks \| Reuters](https://feedsoft.ai/events/12486-oil-settles-5-lower-as-investors-await-updates-on-us-iran-peace-deal-talks.md) | -3.9% | -24.5% |
| WTI | 2025-06-24 | [Arab News \| Oil Updates — crude extends losses on lower Middle East supply risk](https://feedsoft.ai/events/10002-arab-news-oil-updates-crude-extends-losses-on-lower-middle-east-supply-risk.md) | -4.6% | -1.6% |
| WTI | 2024-05-01 | [Oil falls to 7-week low on surprise US storage build, Middle East hopes](https://feedsoft.ai/events/7230-oil-falls-to-7-week-low-on-surprise-us-storage-build-middle-east-hopes.md) | -4.3% | -3.7% |
| WTI | 2026-10-29 | [Oil prices fall as peace hopes offset fears of growing Middle East conflict](https://feedsoft.ai/events/251-oil-prices-fall-as-peace-hopes-offset-fears-of-growing-middle-east-conflict.md) | -2.3% | — |

## Sources

- marketwatch.com: https://www.marketwatch.com/story/oil-settles-lower-as-market-holds-out-hope-for-middle-east-diplomacy-3nd-update-5e0c6814?mod=markets

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