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2026-11-02T09:36:27.000Z

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Oil falls on peace hopes

Oil falls on peace hopes

Oil prices fell more than 3% in Asian trading on Monday as hopes grew for a deal to end the US-Israeli war on Iran, while Iranian-Qatari talks continued for a third day. Brent crude fell 3.2% to $109.75 a barrel, and West Texas Intermediate dropped 3.3% to $100.69, amid a technical correction following last week’s gains and the absence of any major military escalation. OPEC+ kept its December production targets unchanged, while an analyst warned that Brent could approach $120 if rhetoric over Iran intensifies after the US midterm elections.

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