Brent Crude Falls 3.05% to $110 as Iran-Qatar Talks Temporarily Ease Supply Fears

Mumbai | November 2, 2026 

Brent crude is the global benchmark for oil prices. It fell 3.05% on Monday after Iranian and Qatari officials held a third straight day of talks aimed at a deal to end the US-Israeli war on Iran. The talks temporarily eased fears of energy supply disruptions. 

How Much Did Oil Prices Fall on November 2? 

Both oil benchmarks fell by more than 3% on Monday. The fall followed a sharp rally last week. Brent closed October at its highest level in six months on concerns over a possible military escalation between the US and Iran after Tuesday’s US midterm elections. 

What Are Iran and Qatar Discussing? 

Iranian and Qatari officials are holding talks that aim to help reach an agreement to resume direct negotiations between Tehran and Washington. Qatar is acting as the mediator in the dialogue. 

Iranian Foreign Minister Abbas Araqchi spoke on Sunday. He described the talks as “ongoing and progressing” and said they were designed to sustain dialogue through Qatari mediation. He added that Tehran remains ready for “both defence and diplomacy.” 

Why Does the Strait of Hormuz Matter for Oil? 

The Strait of Hormuz is a key choke point for global crude transport. Recent attacks on commercial vessels in the waterway have pushed up global shipping rates and energy transport costs. 

Security incidents along the route continue to keep global energy markets on high alert. The diplomatic talks are taking place while these threats to sea trade persist. 

What Did OPEC+ Decide on December Output? 

The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) decided on Sunday to keep its December production targets unchanged. The decision was in line with market expectations. The group faces export disruptions linked to the Iran war. 

Saudi Arabia raised its October crude exports compared with September, according to ship-tracking data from two of three monitoring firms. The increase came despite continued attacks on its energy facilities by Iran-backed Houthi forces in Yemen. 

Outlook 

Crude markets will take direction from geopolitical developments across the Gulf and the outcome of diplomatic efforts involving Iran and Qatar. A possible military escalation by the involved powers after the US elections will also drive prices. 

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