Global oil prices fell by about 6% on Monday, November 2, 2026, in a context of growing hopes for diplomatic progress aimed at ending the war waged by the United States and Israel against Iran. Talks between Iranian and Qatari officials have strengthened expectations of a possible easing of disruptions to oil supply in the Middle East.
Brent futures fell by $6.78, or 6%, to $106.65 per barrel.
Meanwhile, West Texas Intermediate (WTI) crude futures fell by $6.37, or 6.1%, to $97.75 per barrel.
According to analysts, Brent slipped to $105.86 per barrel intraday, while U.S. crude touched $97.12, before the two benchmarks pared some of their losses.
This decline comes after statements by Iranian President Massoud Pezeshkian, asserting that Iran’s Supreme Leader, Ayatollah Mojtaba Khamenei, had granted the government “specific powers” regarding the conduct of peace negotiations.
Those statements have boosted market expectations of a possible diplomatic breakthrough that could reduce the risks to oil supplies in the region.
Giovanni Staunovo, an analyst at UBS, was quoted as saying that “the oil market remains highly sensitive to any news coming from the Middle East”.
This decline comes as Brent had finished October at its highest level in six months.
Saudi oil exports rise in October
On the supply front, two of the three firms specializing in tracking ship movements reported that Saudi crude oil exports rose in October compared with September.
These figures come as markets continue to monitor Gulf oil exports and the implications of military and political developments on supplies.
Despite the drop in prices, some analysts do not rule out another increase in oil prices, given the persistence of supply risks.
In this context, Goldman Sachs, the American bank, raised its oil price forecasts on Sunday, November 1, citing the increasing risks to supply.
The bank estimates that Brent could reach $140 per barrel in 2027, in a scenario where Gulf region oil production would remain 3.5 million barrels per day below its 2025 average.
However, this level is a projection conditioned on the persistence of production disruptions, and not a definite forecast of price movements.
The evolution of oil prices over the coming weeks should thus depend on the outcome of diplomatic discussions and the actual level of Gulf supplies, in a context marked by uncertainties surrounding the continuation of the conflict.
