Business · Energy & Commodities · 2 hrs ago
Oil prices fall as Trump reportedly gives Iran diplomacy more time
Brent crude fell about 3% to around $110 a barrel in early trading on Monday.
The drop followed reports that US President Donald Trump told Israeli Prime Minister Benjamin Netanyahu he prefers giving diplomacy with Iran more time.
The United States and Israel began the war with attacks on Iran in late February, and Trump has previously threatened to resume strikes.
US Secretary of State Marco Rubio said no decision had been made on new military attacks.
Talks eased fears of renewed fighting, although attacks on ships near the Strait of Hormuz continue.
OPEC+ agreed to keep its production quotas unchanged in December, while conflict in the region continues to threaten oil supplies.
Oil prices fell on Monday after reports that the United States wants to give diplomacy with Iran more time before deciding whether to resume strikes.
Brent crude traded near $110 a barrel after rising more than 2% on Friday.
US President Donald Trump told Israeli Prime Minister Benjamin Netanyahu that he preferred diplomacy, according to Axios.
US Secretary of State Marco Rubio said no decision had been made on new strikes and that the United States preferred a diplomatic solution.
Reports of continued attacks on ships near the Strait of Hormuz and warnings of possible escalation remained a concern.
- Who
- The United States, Iran and Israel are central to the story; oil traders also reacted to the reports.
- What
- Oil prices fell as reports said the United States wanted to give diplomacy with Iran more time before deciding whether to resume strikes.
- When
- Monday, November 2, 2026.
- Where
- The diplomatic and military tensions concern Iran, Israel and the Strait of Hormuz.
- Why
- Reports that the United States preferred diplomacy eased concerns about renewed fighting.
This story does not have two clearly opposing sides.
A senior military commander briefed Trump on military options, according to the Wall Street Journal.
Brent crude rose by more than 2%, and an attack was reported on a liquefied natural gas tanker.
Rubio said no decision had been made on new strikes and that Trump preferred diplomacy.
The UK Maritime Trade Operations agency said it had received a report that a ship was hit by a projectile in the Strait of Hormuz.
Oil prices fell after a report said the United States wanted to give diplomacy more time.
- Brent crude
- Near $110 a barrel after falling by more than $3
- WTI crude
- Near $100 a barrel in Al Eqtisadiah; about $102 in Habertürk
- Oil price change
- Brent rose by more than 2% on Friday before falling on Monday
- Diplomacy
- Trump told Netanyahu he preferred diplomacy
- Hormuz shipping
- Ships continued to face attacks around the Strait of Hormuz
3 sources
What people are saying
America prefers a diplomatic solution
this is a temporary retreat in prices