Oil prices fell more than 7% on Monday as renewed U.S.-Iran diplomacy eased concerns about Middle East supplies and conflict escalation. Iran’s president said the supreme leader had given officials some authority over talks. The USO fund fell 7.08%, while Petrobras, YPF and Ecopetrol also declined.
WHO:
Oil markets
WHAT:
Oil prices fell more than 7% amid renewed U.S.-Iran diplomatic efforts.
WHEN:
Nov 2, 2026
WHERE:
Location not specified
WHY:
Renewed diplomatic efforts between the United States and Iran eased concerns about Middle East oil supplies and the risk of escalation.
How this story developed (showing 3 of 3 earlier reports)
