Oil Drops as Iran-U.S. Diplomacy Eases Supply Fears

Oil prices fell sharply on Monday, November 2, as reports of renewed Iran-U.S. diplomacy eased concerns about further disruptions to crude supplies through the Gulf. The decline reflected market hopes for negotiations, not a concluded agreement: Iranian officials said consultations through Qatari mediators were continuing, and the Strait of Hormuz remained subject to conditions Tehran has tied to U.S. actions. West Texas Intermediate, the U.S. benchmark, traded below $100 a barrel during the session. Brent, the international benchmark, also dropped, with reported prices and percentage declines varying by observation time and contract. Late-session reports put Brent near $104 to $105 a barrel and WTI around $96. The figures were intraday levels, not a single confirmed settlement price. Diplomatic signals helped drive the move. Iranian President Masoud Pezeshkian said the government had authority from Supreme Leader Mojtaba Khamenei to pursue talks, while Foreign Minister Abbas Araghchi said Tehran was continuing consultations through Qatari mediators and remained prepared for diplomacy as well as defense. Iranian officials also said a deputy foreign minister traveled to Doha to...