Oil Slides on Optimism Over Iran Talks -- Market Talk
Dow Jones2026/11/02 09:110911 GMT - Oil prices drop more than 3.5% ahead of the U.S. midterm elections as diplomatic discussions involving Qatari mediators over a potential deal to reopen the Strait of Hormuz ease the risk premium. However, concerns over a possible resumption of U.S. military strikes on Iran remain elevated. "The price action in oil in recent weeks reflects a market increasingly bracing for the potential for more hostilities between the U.S. and Iran," analysts at ING say. "Given that many of the key developments in this conflict have unfolded over weekends, the market may have to hold its breath until the end of the week." In early European trading, the front-month Brent crude contract slides 3.9% to $109.04 a barrel, while WTI futures drop 4% to $99.94 a barrel. (giulia.petroni@wsj.com)
(END) Dow Jones Newswires
November 02, 2026 04:11 ET (09:11 GMT)
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