Brent Crude Drops to $100.60 as US-Iran De-escalation Hopes Rise

Key Facts

Brent crude fell 2.9% to $100.60 per barrel as traders price in a potential settlement between the U.S. and Iran. According to oilprice.com, oil prices extended their decline for a third straight session, with Brent crude falling toward the $100 psychological level while WTI dropped below $94.

President Trump told the Financial Times that Washington has no immediate plans to strike Iran, boosting de-escalation hopes and prompting investors to reduce long positions. This decline occurred despite data from the American Petroleum Institute (API) on November 3, 2026, which reported a crude oil stock draw of 5.267 million barrels, contrary to market forecasts of a 2.1 million barrel build.

Traders are awaiting the release of the EIA Weekly Petroleum Report later today, November 4, 2026, which will provide official figures on U.S. gasoline and crude oil inventory changes.