Global oil prices weakened again during Tuesday’s trading session (November 3, 2026), closing at their lowest level in nearly four weeks as investors weighed the possibility of resolving conflicts involving Iran and Ukraine. Brent crude futures fell by 1%—or $1.17—to $103.60 per barrel, marking the lowest price since October 7. Meanwhile, West Texas Intermediate (WTI) dropped $0.37 to $96.09 per barrel, its lowest level since October 14. Hopes for progress in peace talks have dampened the geopolitical risk premium, even as a recent series of attacks continues to fuel concerns regarding the security of global energy supplies.
Diplomatic efforts between the United States and Iran remain ongoing, with Qatar serving as the primary mediator. The Qatari Ministry of Foreign Affairs stated that both nations remain committed to the mediation process and are currently reviewing several proposals aimed at narrowing their differences. However, a senior Iranian official asserted that a peace agreement remains far from reach. Uncertainty has intensified following reports that the United States launched limited strikes against air-defense missile facilities on Iran’s Qeshm Island. While U.S. officials indicated that the operation does not signal a return to large-scale combat, the risk of escalation continues to loom over the market.
Separately, investors are closely monitoring the U.S. midterm elections, which could influence the political and geopolitical trajectory of President Donald Trump’s administration. Analysts at ING noted that positive diplomatic signals are not yet sufficient to confirm that the risk of conflict has fully subsided. Nevertheless, tangible progress in peace negotiations could pave the way for further declines in oil prices. Given these conditions, the direction of the energy market in the coming sessions is expected to remain contingent upon developments in U.S.-Iran negotiations, the situation in Ukraine, and the security of oil distribution routes in the Middle East.
Source: Newsmaker.id