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Oil plunges 8% as US-Iran peace hopes ease Hormuz fears

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Gulf News
“Oil plunges 8% as US-Iran peace hopes ease Hormuz fears”

Brent crude price tumbled more than 8% as hopes grew for a diplomatic end to the US-Iran war, erasing part of October’s sharp rally. Brent was down $9.32, or 8.22%, to $104.1 a barrel, as of 21.38 GMT on Monday, Nov. 2, 2026 (5.39am in Beijing on Tuesday, Nov. 3, 2026), as per OilPrice.com. WTI fell $8.10, or 7.78%, to $96.02, below the psychological $100 mark. Murban crude fell $13.40 or 11.29% to $105.3 per barrel. Get it: Fast, verified news for FREE ... download the Gulf News app — simply…

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