Oil swings as Iran peace hopes and strike reports pull Brent both ways
The gist
Brent crude fell 7.6% to $104.77 on Nov 2, its biggest one-day drop since July, on Iran talks.
Prices now hinge on whether diplomacy or fresh strikes wins out.
How it unfolded
- Oct 22, 2026Brent gained 4% to close at $113.17, the highest since May 4, and WTI rose 2.4% to $99.47, on fears the U.S. would resume strikes on Iran.
- Oct 29, 2026Brent fell 44 cents to $114.88 and WTI lost 78 cents to $102 after reports that Vice President JD Vance had reached out to Iran's Mohsen Rezaei to restart peace talks.
- Nov 2, 2026Brent dropped 7.6% to $104.77 and U.S. crude 7.3% to $96.46, the largest one-day percentage drops since July 27, on headlines about Iran talks.