Crude Oil Prices Fall Over 1% as Iran-Qatar Talks Continue on Ending War (November 2, 2026)

Crude oil prices declined by more than 1% on Monday, November 2, 2026, as Iranian and Qatari officials continued discussions for a third consecutive day on ending the US-Israeli war on Iran, as per news reports. Hopes of diplomatic progress eased immediate concerns over supply disruptions. 

Brent crude futures fell US$1.59, or 1.40%, to US$111.84 a barrel by 0011 GMT. US West Texas Intermediate (WTI) crude declined US$1.56, or 1.50%, to US$102.56 a barrel. 

Iran-Qatar Talks Ease Immediate Supply Concerns 

Iranian Foreign Minister Abbas Araqchi said on Sunday that the ongoing discussions aimed to continue consultations with Qatari mediators. He added that Tehran remained prepared for both defence and diplomacy. 

The negotiations come amid concerns that tensions could escalate following the US midterm elections on Tuesday. Brent crude had ended October at its highest level in six months amid uncertainty surrounding the conflict. 

Strait of Hormuz Attacks Keep Oil Markets Cautious 

Attacks on oil tankers passing through the Strait of Hormuz have increased global energy and shipping costs. The developments have raised concerns about the movement of crude supplies through a key international shipping route. 

Meanwhile, Saudi Arabia increased crude exports in October compared with September, despite attacks by Iran-aligned Yemeni Houthis on its energy infrastructure, according to two shipping data companies. 

Read More: V-Guard Industries Share Price Jumps Over 9%; Reports 71% Net Profit Growth in Q2FY27! 

OPEC+ Keeps December Production Targets Unchanged 

The Organisation of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, kept December production targets unchanged on Sunday. 

The decision was in line with market expectations, with further production policy adjustments unlikely until next year. The group continues to face export disruptions linked to the Iran conflict. 

Conclusion 

Crude oil prices declined as diplomatic discussions between Iran and Qatar continued, easing immediate concerns about further escalation. However, tanker attacks, Strait of Hormuz disruptions and unchanged OPEC+ production targets remain important developments for global oil markets. 

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