Oil prices decline on hopes for progress on Iran war efforts

U.S. futures are rebounding from a major market sell-off Oct. 30 with a boost from sharply declining oil prices on hopes for progress in diplomatic efforts between the U.S. and Iran. Oil prices dropped Nov. 2, with Brent crude, the international standard, down 4.2% to $108.68 per barrel. Still, that’s much higher than the roughly $65 that a barrel of crude was selling for at this time last year. Benchmark U.S. crude fell 4.2%, to $99.74 a barrel, compared with $61 per barrel at this time last February. Iran’s top diplomat said in an interview shared on his Telegram channel over the weekend that Iranian negotiators were in Qatar for talks on a proposal that could reopen the Strait of Hormuz within two days if the U.S. meets several conditions. However, he said no direct talks were being held with the U.S. The final outcome of the diplomatic efforts to avoid a return to all-out war depends on answers provided by the United States to the “Iranian questions,” he said. Futures for the S&P 500 advanced 0.5% Nov. 2, while those for the Dow Jones Industrial Average rose 0.6%. Nasdaq futures rose 0.8%. Oil markets down significantly this morning after Trump signaled he favored negotiations and not new attacks on Iran. Oil down ~5%, wholesale gasoline and diesel pointing to roughly 16c/gal decline. the national average could fall under $4 a gallon in the next week barring a course change. — Patrick De Haan (@GasBuddyGuy) November 2, 2026 U.S. stocks fell Oct. 30 in their worst day since June as…

This story was originally published by Transport Topics. Read the full story at Transport Topics →