Brent Falls 3.2% to $109.75 as Iran-Qatar Talks Enter Third Day
Key Facts
Brent crude futures fell $3.68, or 3.2%, to $109.75 a barrel by 04:07 GMT on November 2, as Iranian-Qatari talks continued for a third consecutive day in an effort to reach an agreement to end the U.S.-Israeli war on Iran. U.S. West Texas Intermediate crude fell $3.43, or 3.3%, to $100.69 a barrel at the same time. The decline came after oil prices had posted gains during the previous week. It also followed Brent's close at the end of October at its highest level in six months. The moves put the market's focus on the course of the talks and supply risks through the Strait of Hormuz.
Tim Waterer, chief market analyst at KCM Trade, said the decline reflected a technical correction after the previous week's gains, alongside expectations of possible diplomatic progress and no major military escalation over the weekend. He added that Brent ended October at a six-month high amid concerns that the U.S.-Iran conflict could escalate after the U.S. midterm elections. The assessment comes amid ongoing attacks on oil tankers transiting the Strait of Hormuz, which have driven up energy prices and international shipping costs. The Associated Press reported that October was the busiest month for reported attacks on commercial vessels in the strait since the first weeks of the war in March. The price decline therefore coincided with continuing risks that have affected energy and shipping.
In daily closing data, EL7 recorded Brent at 113.43 on October 30 and 110.36 on November 2; the records do not specify the price unit. Ithaca Energy shares closed at 302.8 pence on October 30 and 295.4 pence on November 2. These are daily closing data, not live prices or intraday lows. The data also recorded Shell shares closing at 108.69 on October 30, without specifying the price unit. The figures provided did not include a comparable BP share close for November 2. The closes show Brent and Ithaca falling over the same period, without establishing on their own what caused the move in either share.
Iranian Foreign Minister Abbas Araghchi said negotiations were continuing through Qatari mediation to pursue consultations aimed at resolving the conflict, and that Tehran was prepared for military defense and diplomatic engagement. But Iranian officials told the Associated Press that the Iranian delegation had left Qatar after days of discussions, while messages with the United States continued through the mediator. The agency reported that Iran was awaiting a U.S. response to a proposal to fully open the Strait of Hormuz to shipping within two days if Washington met several conditions. No final agreement was announced in the information provided. The talks and passage through the strait therefore remained central to market monitoring.
On the supply side, seven OPEC+ countries on November 1 left unchanged the production levels required for September 2026 for December 2026. The organization said participating countries had renewed their collective commitment to full compliance with the Declaration of Cooperation. OPEC set November 29, 2026, for its next meeting to review market conditions. On the diplomatic track, a Chinese foreign ministry spokesperson said Beijing would send a special envoy to Iran, Oman and Saudi Arabia in early to mid-November. By contrast, the KCM Trade analyst said a tougher stance on Iran after the U.S. midterm elections could push Brent toward $120 a barrel. That remains an estimate attributed to the analyst, as attention turns to developments in mediation and the next OPEC+ meeting.