Oil Prices Plunge on Hopes of US–Iran Peace Deal

Oil markets extended a steep multi-day decline on November 4, 2026, with Brent crude sliding to around $103 per barrel and West Texas Intermediate falling toward $96, as diplomatic progress between Washington and Tehran continued to ease fears of a prolonged supply disruption. The sell-off began after the weekend, when Iranian negotiators left Qatar carrying a draft peace proposal, and US Secretary of State Marco Rubio confirmed the Trump administration would prefer a peaceful resolution to its conflict with Iran. Analysts noted the market remained hypersensitive to Middle East headlines: the same supply-disruption fears that drove oil sharply higher in October reversed almost as quickly once diplomacy advanced. Gulf News reported Brent had shed as much as 8% in the initial reaction days earlier, and prices were still pressured on November 4 as midterm election results also raised speculation about potential policy shifts. Some support came from American Petroleum Institute data showing a larger-than-expected draw in US crude inventories, limiting the decline. Despite the recent fall, Brent remained roughly 62% above year-earlier levels, reflecting how elevated the market had become during peak tensions.