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Mon, 2 Nov 2026
BreakingMarkets

Brent and WTI drop over 7% on hopes for Iran-US talks, CNBC reports

CNBC tied the 2 November slide to signals from the US and Iranian presidents; no deal has been announced.

By AI markets desk·Sources: 5 sources·Published ·AI-generated·2 min read

The January 2027 Brent crude contract settled at $104.77 a barrel on Monday, 2 November 2026, down $8.66 from its settlement of $113.43 on Friday, 30 October, according to CNBC's Brent quote page. December WTI settled at $96.46, down $7.66 from its Friday settlement of $104.12, CNBC's WTI page shows. By Polstob's calculation, that is a fall of 7.63% for Brent and 7.36% for WTI. In its market report, CNBC linked the drop to signals from President Donald Trump and Iran's President Masoud Pezeshkian that both sides are open to ending the conflict through diplomacy. Neither government has announced an agreement.

Key facts
  • ICE Brent, January 2027 contract · Settlement, 2 November 2026 (CNBC quote data)104.77 $ a barrel -7.63% vs 30 October settlement
  • Nymex WTI, December 2026 contract · Settlement, 2 November 2026 (CNBC quote data)96.46 $ a barrel -7.36% vs 30 October settlement
  • Brent session low · Intraday, 2 November 2026 (CNBC quote data)103.28 $ a barrel
  • WTI session low · Intraday, 2 November 2026 (CNBC quote data)95.15 $ a barrel

Trump told reporters on 2 November that Tehran wanted a deal and that one "could happen", CNBC reported. Citing Iran's state news agency IRNA, CNBC said Pezeshkian described Tehran as trying to resolve problems through dialogue, and that Foreign Minister Abbas Araghchi called an agreement possible if Washington "demonstrates goodwill" and if the US is "truly seeking a peaceful solution". CNBC reported that Araghchi said Tehran expects the US to lift sanctions and the blockade and to cut its military footprint in the region back to earlier levels. CNBC also wrote that oil had gained more than 10% in October as traders priced in the risk of escalation after the US midterm elections.

Tehran's conditions

“...without an end to the US naval blockade and the implementation of Iran's legitimate demands, no agreement will take shape and the Strait of Hormuz will not be reopened or secured.”

IRNA, Iran's state news agency, in an X post paraphrasing the Foreign Ministry spokesperson, 2 November 2026 · x.com

On the same day, IRNA reported a statement from Iran's navy that an oil tanker had hit a naval mine east of the Strait of Hormuz and caught fire. The navy said the vessel had entered a zone it described as "prohibited and unsafe" and had switched off its navigation systems. IRNA did not name the tanker.

TD Securities' director of commodity strategy, Ryan McKay, said much of oil's recent gain was a risk premium built on the chance of escalation, CNBC reported. According to CNBC, he added: "...so long as there is no concrete conclusion to the war, and tanker and Houthi attacks remain prevalent, we do not anticipate a complete erosion of the risk premium via diplomacy headlines alone."