Crude oil futures fall as diplomatic efforts to end Iran-US war continue

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SENSEX 75,351.63

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CRUDEOIL 9,560.00

 -377.00

GOLD 138,768.00

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At 9.42 am on Monday, January Brent oil futures were at $109.69, down by 3.30%t, and December crude oil futures on WTI (West Texas Intermediate) were at $100.60, down by 3.38%

By BL Mangaluru Bureau

Updated - November 02, 2026 at 10:01 AM. | Mangaluru, November 2

Crude oil futures traded lower on Monday morning as officials from Qatar and Iran held talks for a third consecutive day to discuss a deal aimed at ending the war between Iran and the US. | Photo Credit: iStockphoto

Crude oil futures traded lower on Monday morning as officials from Qatar and Iran held talks for a third consecutive day to discuss a deal aimed at ending the war between Iran and the US.

At 9.42 am on Monday, January Brent oil futures were at $109.69, down by 3.30 per cent, and December crude oil futures on WTI (West Texas Intermediate) were at $100.60, down by 3.38 per cent. November crude oil futures were trading at ₹9559 on Multi Commodity Exchange (MCX) during the initial hour of trading on Monday against the previous close of ₹9937, down by 3.80 per cent, and December futures were trading at ₹9436 against the previous close of ₹9799, down by 3.45 per cent.

Stating that the deal depends on the US answering Iran’s questions, Iranian Foreign Minister Abbas Araghchi said: “We are making every effort in this regard and hope that the other side will demonstrate enough rationality to choose diplomacy over other paths.”

Quoting unnamed US and Israeli sources, an Axios report said US President Donald Trump had a candid phone call with Israeli Prime Minister Benjamin Netanyahu on Saturday about the state of US negotiations with Iran and how quickly to return to combat.

Citing sources, the report said Netanyahu is pressing Trump to strike Iran immediately after the midterm elections on Tuesday. But Trump, for now, wants to let negotiations play out.

Meanwhile, the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, met virtually on November 1, to review global market conditions and outlook. The meeting decided to maintain September 2026 required production for December 2026.

Published on November 2, 2026

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