Business · Energy & Commodities · 24 mins ago
Oil prices fall as Iran and Qatar hold talks
World oil prices fell more than 1% on Monday after Iranian and Qatari officials held three days of talks.
The talks aim to help end the US-Israeli war against Iran, which has raised concerns about oil supplies.
Brent crude fell to $111.84 a barrel, while US crude fell to $102.56.
Diplomacy and a lack of major military escalation eased price pressure, but analysts say markets remain cautious.
Attacks on oil tankers passing through the Strait of Hormuz have added to energy and shipping costs.
OPEC+ will keep its December production target unchanged, despite supply and export disruptions linked to the war.
Analysts warn that renewed political tensions after the US midterm elections could push Brent close to $120 a barrel.
Oil prices fell more than 1% on Monday as Iranian and Qatari officials held talks for a third straight day on ending the US-Israeli war on Iran.
Brent crude fell $1.59, or 1.40%, to $111.84 a barrel, while US West Texas Intermediate fell $1.56, or 1.50%, to $102.56.
Iranian Foreign Minister Abbas Araqchi said the talks with Qatari mediators were ongoing and progressing, and that Tehran was prepared for both defence and diplomacy.
Attacks on oil tankers in the Strait of Hormuz are raising global energy and shipping costs.
OPEC+ kept its December production targets steady as the group faces export disruptions linked to the war.
- Who
- Iranian and Qatari officials held talks. Iranian Foreign Minister Abbas Araqchi commented on the discussions.
- What
- Oil prices fell more than 1% as the officials held talks aimed at pushing for a deal to end the US-Israeli war on Iran.
- When
- Monday, November 2, 2026. The talks were in their third straight day.
- Where
- Not stated
- Why
- Hopes for diplomatic progress and the absence of meaningful military escalation over the weekend eased immediate pressure on prices.
This story does not have two clearly opposing sides.
Brent ended the month at its highest level in six months amid concerns the US-Iran conflict could escalate.
OPEC+ kept its December production targets steady.
Iranian and Qatari officials held a third straight day of talks as oil prices fell more than 1%.
- Brent crude
- $111.84 a barrel, down $1.59 or 1.40%
- West Texas Intermediate
- $102.56 a barrel, down $1.56 or 1.50%
- Talks
- Third straight day of discussions between Iranian and Qatari officials
- OPEC+
- December production targets kept steady
- Strait of Hormuz
- Tanker attacks are raising global energy and shipping costs
3 sources
What people are saying
Lingering hopes of some form of diplomatic progress, combined with the absence of any meaningful military escalation over the weekend, have taken some of the immediate heat out of prices for now.
both defence and diplomacy