Live Updates > Live Update Details
2026-11-02 08:58:27
[Oil Prices Fall Over 1% as Talks to End War Progress] 1. Oil prices fell over 1.5% on Monday. Iranian and Qatari officials held talks for the third consecutive day, pushing for an agreement to end the US-Israel war against Iran. US WTI crude oil is currently trading at $102.27 per barrel, down about 1.75%. Brent crude futures fell 1.60% to $111.54 per barrel. 2. The October Brent crude contract settled at a six-month high earlier, as markets worried about a possible escalation of the US-Iran conflict after Tuesday's US midterm elections. Analysts said oil prices are undergoing a technical correction after last week's sharp rise; the market remains hopeful for some form of diplomatic progress, and the lack of substantial military escalation over the weekend contributed to the short-term decline in oil prices. 3. Analysts also pointed out that the market remains wary of a possible further escalation of verbal exchanges surrounding Iran after the midterm elections, which could push Brent crude oil towards $120. 4. Iranian Foreign Minister Araqchi stated on Sunday that negotiations are "ongoing and progressing," aiming to continue consultations with the Qatari mediators, and emphasized that Tehran is prepared "both defensively and diplomatically." 5. OPEC+ oil producers maintained their December production targets on Sunday, confirming market expectations that the organization will not further adjust its policy before next year.
