Oil Prices Fall More Than 7% on November 2: Brent Settles at $104.77, WTI at $96.46, as Hopes Rise for Iran Peace Talks
NEW YORK, November 2 — Oil prices fell more than 7% on Monday, November 2, as talks between Iranian and Qatari officials lifted hopes for an end to the war between the United States and Israel and Iran and for stabilization of Middle East crude supply. Brent crude futures settled $8.66, or 7.63%, lower at $104.77 a barrel, and U.S. West Texas Intermediate crude was down $7.66, or 7.36%, at $96.46.
According to Reuters on November 2, the session low for Brent was $103.28 and for WTI it was $95.15. Iranian President Masoud Pezeshkian said Supreme Leader Ayatollah Mojtaba Khamenei had granted the government certain authorities for peace talks; according to Iranian state media, Pezeshkian added that Tehran "will try to resolve the problem with dialogue." The country's negotiators held days of talks with Qatari mediators, and on Monday evening Qatari mediators traveled to Tehran for talks with Iranian Foreign Minister Abbas Araqchi on a potential U.S.-Iran deal.
U.S. President Donald Trump said on Monday that Iran wants to make a deal to end the war and that such an agreement "could happen." Brent ended October at its highest in six months on concerns that the Middle East conflict could escalate again after Tuesday's U.S. midterm elections. Raymond James analyst Pavel Molchanov said signs of progress in U.S.-Iran talks pushed oil prices lower, while noting that skepticism is warranted after many "false dawns" over the past several months. UBS analyst Giovanni Staunovo said: "The oil market is still reacting with extreme sensitivity to every headline out of the Middle East."
Reuters also reported that the war, which broke out at the end of February, has depleted oil stocks, with Sultan Al Jaber, chief executive of ADNOC, Abu Dhabi's state-owned oil company, saying the world has drained nearly 1 billion barrels from inventories since the war disrupted shipping through the Strait of Hormuz. Goldman Sachs said in a report before November 2 that Brent could jump to $140 in 2027 if Gulf oil output remains 3.5 million barrels per day below its 2025 average.
(Source: Reuters)
Source: Reuters
Published by GSM · USA (original Chinese edition)
Photo: 油田抽油机。 A pumpjack at an oil field. CC BY 2.0，图片来源：Wikimedia Commons。 CC BY 2.0, via Wikimedia Commons.
