Oil prices fell more than 6% as renewed U.S.-Iran diplomatic efforts eased concerns about Middle East oil supplies, reversing some of the previous week's gains. Brent crude dropped to $104.43 a barrel, while U.S. crude fell 7.3% to $96.50. Iran's president said the supreme leader had given officials authority over talks.
WHO:
Oil markets
WHAT:
Oil prices fell as diplomatic efforts to end the U.S.-Iran conflict eased concerns about supply.
WHEN:
Nov 2, 2026
WHERE:
Global oil markets
WHY:
Renewed diplomatic efforts to end the U.S.-Iran conflict eased fears about Middle East oil supplies.
How this story developed (showing 2 of 2 earlier reports)
