{"id":665039,"date":"2026-11-02T23:46:14","date_gmt":"2026-11-02T23:46:14","guid":{"rendered":"https:\/\/www.newsbeep.com\/il\/665039\/"},"modified":"2026-11-02T23:46:14","modified_gmt":"2026-11-02T23:46:14","slug":"oil-prices-slide-in-biggest-drop-since-july-on-hope-for-more-iran-talks","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/il\/665039\/","title":{"rendered":"Oil prices slide in biggest drop since July on hope for more Iran talks"},"content":{"rendered":"

Oil prices posted their sharpest drop in three months Monday after a series of headlines about Iran gave investors hope that the Trump administration would find a way to end the conflict without further escalation.<\/p>\n

International Brent crude oil fell 7.6% to close the day at $104.77 per barrel, while U.S. crude oil dropped 7.3%, to $96.46 per barrel.<\/p>\n

The plunges were the largest one-day drops by percentages since July 27. For both key oil benchmarks, it was the largest single-day drop in dollar terms since April 17.<\/p>\n

Earlier Monday, Iran\u2019s IRNA news agency cited the Iranian president\u2019s comments that the supreme leader had \u201cgranted the government certain authorities\u201d in relation to \u201cseeking to resolve problems through dialogue\u201d with its \u201cenemies.\u201d <\/p>\n

Traders read that as Iran\u2019s choosing to continue diplomatic talks with the U.S. through mediators, rather than escalating the war through further strikes on American allies in the region.<\/p>\n

That report followed news Sunday that \u201cTrump, for now, wants to let negotiations play out\u201d with Iran, according to Axios.<\/a><\/p>\n

After oil prices closed for the day, NBC News asked President Donald Trump whether he was considering striking Iran after the midterms, and twice he replied, \u201cNo.\u201d <\/p>\n

As Trump\u2019s response circulated online, prices continued their descent.<\/p>\n

NBC News has reported<\/a> that Trump was presented with options to resume major combat operations against Iran. However, officials cautioned at the time that no final decisions about the war had been made.<\/p>\n

Energy markets are on edge after multiple reports in the past week suggested that Trump could resume striking Iran after Tuesday\u2019s midterm elections, which could in turn lead Iran to again attack energy assets scattered throughout the Middle East.<\/p>\n

Trump took notice of Monday\u2019s drop. <\/p>\n

\u201cOil today is down $10,\u201d Trump told reporters in Washington. \u201cAnd it\u2019s going to go down a lot further because we\u2019re winning with Iran, easily winning.\u201d<\/p>\n

Trump later posted about it on social media<\/a>, writing: \u201cIran wants a settlement, as soon as possible. It could happen!\u201d<\/p>\n

Still, experts say global energy markets remain exposed to multiple risks. <\/p>\n

\u201cA broader conflict resulting in major energy infrastructure damage may spike prices as high as $150\u201d per barrel, Bank of America\u2019s Francisco Blanch wrote in September. <\/p>\n

\u201cIf skirmishes curbing oil flows continue into year end, Brent could trade in a $95-120\u201d per-barrel range, he wrote. <\/p>\n

That leaves open the possibility of more upside to oil prices that have surged all year, pressuring consumers around the world. <\/p>\n

Since the Iran war started in late February, global oil prices have risen about 45%. <\/p>\n

Another problem facing the U.S. economy is the high price of diesel fuel. <\/p>\n

On Monday, diesel futures slid 5.4%, their biggest one-day drop since May 6. But, similar to oil, that benchmark is up almost 110% since the start of the year.<\/p>\n

Diesel has had a far more dramatic price rise this year than unleaded gas, as both the Iran war and the Ukraine-Russia war have crimped supply. <\/p>\n

Russia has historically been a major exporter of diesel to the world. But Ukrainian strikes have badly damaged its refining capacity.<\/p>\n

After a brief halt, Ukraine has resumed attacking Russian diesel refineries in recent days.<\/p>\n

Economists have been particularly concerned about the unprecedented rise in diesel prices because of the trickle-down effect higher fuel prices for transporting consumer goods can quickly have on the economy. <\/p>\n

As of Monday morning, the average U.S. nationwide diesel price was $6.29 per gallon, up 77% since the start of the year.<\/p>\n","protected":false},"excerpt":{"rendered":"Oil prices posted their sharpest drop in three months Monday after a series of headlines about Iran gave…\n","protected":false},"author":2,"featured_media":665040,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[114,85,46],"class_list":["post-665039","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-il","tag-israel"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/665039","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=665039"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/665039\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/665040"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=665039"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=665039"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=665039"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}