SINGAPORE — Oil prices slipped more than 1% in early Asian trade on Monday, November 2, after Iranian and Qatari officials held a third straight day of talks aimed at pushing for a deal to end the US-Israeli war on Iran, Reuters reported.
Source: Reuters, oil prices slipped more than 1% as talks continue on ending the Iran war, November 2, 2026
Brent had ended October at its highest level in six months amid concerns that the US-Iran conflict could escalate again after Tuesday's US midterm elections, Reuters said. CCTV News reporting, carried by BigGo Finance, also recorded a fall of more than 1.5% at the November 2 open, linking the move to Iran's phased proposal for restoring shipping through the Strait of Hormuz.
A technical pullback — with a $120 warning attached
"Oil is seeing a technical pullback this morning after last week's strong gains," said Tim Waterer, chief market analyst at KCM Trade, in comments reported by Reuters. "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." However, the market remained alert to the possibility that rhetoric around Iran could be ratcheted higher and push Brent toward $120 after the midterm elections, Waterer said.
Iranian Foreign Minister Abbas Araghchi said on Sunday that the purpose of the "ongoing and progressing" talks was to continue consultations with the Qatari mediators, adding that Tehran is prepared for "both defence and diplomacy", Reuters reported.
Source: Reuters, oil prices slipped more than 1% as talks continue on ending the Iran war, November 2, 2026
Why this matters beyond the trading screen
The talks come amid attacks on oil tankers transiting the Strait of Hormuz that are driving up global energy and shipping costs, Reuters noted. In October, Saudi Arabia increased crude exports versus September despite attacks by the Iran-aligned Yemeni Houthis on its energy infrastructure, two of three ship-tracking companies said. The Organization of the Petroleum Exporting Countries and allies including Russia, or OPEC+, kept December production targets steady on Sunday, confirming expectations that more policy adjustments will not occur until next year, as the group continues to struggle with export disruptions from the Iran war. Yaani, in plain terms: as long as crude stays above $100 a barrel, fuel, freight and flight costs stay under pressure for importing countries such as India — and for the lakhs of Punjabi and Indian workers whose jobs and remittances depend on the Gulf economies at the centre of this crisis.
Traders are watching two dates: Tuesday's US midterm elections, after which analysts say rhetoric on Iran could harden, and any Qatari-mediated announcement on the Hormuz shipping proposal. No deal has been announced; the talks were described by Iran's foreign minister as ongoing and progressing.