Oil Prices Fall Over 1% as Iran-Qatar Talks Continue
Direct answer: Oil prices fell more than 1% on Monday, November 2, 2026, after Iranian and Qatari officials held a third straight day of talks aimed at pushing for a deal to end the war on Iran. Reuters reported the fall in early Asian trade.
What happened
Brent crude futures fell $1.59, or 1.40%, to $111.84 a barrel by 0011 GMT. US West Texas Intermediate crude was at $102.56 a barrel, down $1.56, or 1.50%.
The fall came after a sharp rise in October. Brent ended October at its highest level in six months, as traders worried that the conflict could escalate again after Tuesday’s US midterm elections. For context, Brent had jumped above $117 on October 30 after a tanker attack in the Strait of Hormuz, as covered in our earlier report on oil jumping above $117, linked above.
Iranian Foreign Minister Abbas Araqchi said on Sunday that the purpose of the talks was to continue consultations with the Qatari mediators, adding that Tehran is prepared for both defence and diplomacy.
Analysts still urged caution. Tim Waterer, chief market analyst at KCM Trade, said the market remained alert to the possibility that rhetoric around Iran could be ratcheted higher and push Brent toward $120 after the midterm elections.
Why it matters for beginners
Oil is a basic input for transport, heating, and many goods, so a sharp move in oil can feed into fuel prices and wider inflation over time. When traders think a conflict may disrupt supply, they often push prices up. When talks raise hopes of de-escalation, some of that fear premium can come out of the price, and prices can fall.
A one day fall does not mean fuel prices will fall by the same amount right away. Pump prices and household bills move more slowly, and they depend on local taxes, refining, and transport costs as well as crude oil.
What to watch next
Watch whether the Iran-Qatar talks produce a concrete step toward a deal, or stall. Watch the US midterm elections on Tuesday, and any change in rhetoric around Iran after that vote. Watch whether Brent holds near $111, moves back toward $117, or moves toward $120, and whether supply through the Strait of Hormuz stays open.
FAQ
Why did oil prices fall on November 2?
Oil fell as Iran and Qatar held a third day of talks aimed at ending the war on Iran, which eased some fears of further escalation and supply disruption.
How much did oil fall?
Brent fell $1.59, or 1.40%, to $111.84 a barrel by 0011 GMT, while US West Texas Intermediate crude fell $1.56, or 1.50%, to $102.56 a barrel, according to Reuters.
Does this mean petrol prices will fall now?
Not necessarily, and not by the same amount. Crude is only one part of the price at the pump, and retail prices usually move more slowly.
What could push oil back up?
A breakdown in talks, a new escalation, or a supply disruption could push prices back up. Traders are also watching the US midterm elections for any change in rhetoric on Iran.
