{"id":3647,"date":"2026-11-02T10:03:57","date_gmt":"2026-11-02T05:03:57","guid":{"rendered":"https:\/\/ipp-news.com\/?p=3647"},"modified":"2026-11-02T10:03:57","modified_gmt":"2026-11-02T05:03:57","slug":"oil-prices-ease-3-on-optimism-for-qatari-led-talks-on-ending-iran-war","status":"publish","type":"post","link":"https:\/\/ipp-news.com\/?p=3647","title":{"rendered":"Oil prices ease 3% on optimism for Qatari-led talks on ending Iran war"},"content":{"rendered":"
\n

Oil prices slipped more than 3% on Monday after Iranian and Qatari officials<\/a> \u200cheld a third straight day of talks aimed at pushing for a deal to end the US-Israeli war on Iran<\/a>.<\/strong><\/p>\n

Brent crude futures fell $3.68, or 3.2%, to $109.75 a barrel, while US West Texas Intermediate crude \u200bwas at $100.69 a barrel, down $3.43, or 3.3%.<\/p>\n

Brent ended October at its highest in six \u200bmonths amid concerns that the US-Iran conflict could escalate again after Tuesday\u2019s US midterm \u2060elections<\/a>.<\/p>\n

\u201cOil is seeing a technical pullback this morning after last week\u2019s strong gains,\u201d said Tim \u200bWaterer, chief market analyst at KCM Trade.<\/p>\n

\u201cLingering hopes of some form of diplomatic progress, combined with \u200bthe absence of any meaningful military escalation over the weekend, have taken some of the immediate heat out of prices for now.\u201d<\/p>\n

However, the market remained alert to the possibility that rhetoric around Iran could be ratcheted \u200bhigher and push Brent toward $120 after the midterm elections, Waterer said.<\/p>\n

Iranian Foreign Minister Abbas Araqchi said \u200bon Sunday that the purpose of the \u201congoing and progressing\u201d talks was to continue consultations with the Qatari mediators, \u200cadding \u2060Tehran was prepared for \u201cboth defence and diplomacy\u201d.<\/p>\n

The talks come amid attacks<\/a> on oil tankers transiting the Strait of Hormuz that are driving up global energy and shipping costs.<\/p>\n

In October, Saudi Arabia increased crude exports versus September despite attacks by the Iran-aligned Yemeni Houthis on its energy infrastructure, two of \u200bthree ship-tracking companies said.<\/p>\n

\u201cThe \u200bprice action in \u2060oil in recent weeks reflects a market increasingly bracing for the potential for more hostilities between the US and Iran,\u201d ING analysts said in \u200ba client note.<\/p>\n

\u201cIf the midterms pass with neither strikes nor a deal, \u200bthe key \u2060question is whether the market continues to price in a substantial geopolitical risk premium or whether that premium gradually begins to unwind.\u201d<\/p>\n

The Organisation of the Petroleum Exporting Countries and allies, including Russia, or \u2060OPEC+, kept December \u200bproduction targets steady<\/a> on Sunday, confirming expectations that more \u200bpolicy adjustments will not occur until next year, as the group continues to struggle with export disruptions from the Iran \u200bwar.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Oil prices slipped more than 3% on Monday after Iranian and Qatari officials \u200cheld a third straight day of talks aimed at pushing for a deal to end the US-Israeli war on Iran. Brent crude futures fell $3.68, or 3.2%, to $109.75 a barrel, while US West Texas Intermediate crude \u200bwas at $100.69 a barrel, down $3.43, or 3.3%. Brent ended October at its highest in six \u200bmonths amid concerns that the US-Iran conflict could escalate again after Tuesday\u2019s US midterm \u2060elections. \u201cOil is seeing a technical pullback this morning…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-3647","post","type-post","status-publish","format-standard","hentry","category-english"],"gutentor_comment":0,"_links":{"self":[{"href":"https:\/\/ipp-news.com\/index.php?rest_route=\/wp\/v2\/posts\/3647","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ipp-news.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ipp-news.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ipp-news.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ipp-news.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3647"}],"version-history":[{"count":0,"href":"https:\/\/ipp-news.com\/index.php?rest_route=\/wp\/v2\/posts\/3647\/revisions"}],"wp:attachment":[{"href":"https:\/\/ipp-news.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3647"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ipp-news.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3647"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ipp-news.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3647"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}