# Crude oil falls about 7% on US-Iran diplomacy hopes: what it means for feed

December WTI fell about 7% on 2 November to a two-week low as hopes grew that diplomacy could end the US-Iran conflict. Lower geopolitical risk takes some premium out of crude and diesel, unless talks collapse.

Published 2026-11-03 by the Feedsoft Markets Desk. Covers: WTI, BRENT, DIESEL.

Video (39s): https://feedsoft.ai/media/social/18/youtube-213ef05ca2.mp4

## Transcript

- **Crude oil fell about 7% in a day** December WTI dropped about 7% on 2 November to a two-week low. Gasoline futures (RBOB) fell sharply too.
- **Why did it drop?** A report said Trump wants to give diplomacy with Iran more time before resuming strikes. Iranian state media said Khamenei authorised talks with the US.
- **More supply is still flowing** Saudi crude shipments from the Middle East continued through October. That adds to the downward pressure on prices.
- **What it means for feed buyers** Less risk of strikes on Gulf supply cuts the risk premium in crude and diesel. That points lower, unless the talks collapse.

Full analysis: https://feedsoft.ai/events/77451-crude-oil-prices-sink-on-hopes-diplomacy-can-end-us-iran-conflict

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