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Oil Prices Fall to Two-Week Low on Hopes of Ending the Iran War
Oil prices fall more than 3% as hopes rise for US-Iran diplomatic progress to end the war.
Key points
- Brent crude fell more than 6.5% to as low as $105.55 a barrel on Monday, its lowest since 16 October.
- Qatari officials tried over the weekend to negotiate release of more than $6bn (£4.5bn) in Iranian assets.
- IAG shares rose 4.2% in London, while United Airlines jumped 7% in New York.
Why it matters. The drop in oil prices sparked hopes of easing inflationary pressures on the global economy, though analyst Chris Beauchamp warned there is still a risk Trump could escalate after the midterms.
The oil price has fallen to its lowest level in more two weeks amid new hopes of a breakthrough to end the Iran war. Brent crude, the international benchmark, dropped by more than 6.5% to as low as $105.55 a barrel on Monday, the lowest since 16 October, sending shares in airline companies higher and pushing down government borrowing costs. Oil prices fell after Tehran revealed that contacts between Iran and the US to end their eight-month war were continuing. “Consultations through mediators are very intensive.
Latest updates
Oil Prices Fall to Two-Week Low on Hopes of Ending the Iran War
Brent crude fell to its lowest level in more than two weeks on November 2, 2026, according to The Guardian. The decline came as hopes grew for a breakthrough that could bring an end to the Iran war. Oil prices have been highly sensitive to supply risks in the Middle East, so any credible step toward peace tends to pull prices lower. Whether the losses hold will depend on whether negotiations produce a concrete agreement. Readers should wait for official confirmation from the parties involved before assuming a lasting change in the market.
Oil Prices Fall More Than 3% on Hopes of US-Iran Diplomatic Progress
Brent crude, the international benchmark, dropped by more than 6.5% to as low as $105.55 a barrel on Monday. It was the lowest level since October 16. Oil fell after Tehran revealed that contacts between Iran and the United States to end their eight-month war were continuing. Airline shares rose on the news, and government borrowing costs eased. Further progress in the talks will determine whether prices stay under pressure.