Crude Oil Extends Losses to Over 7%

2026-11-02 14:03 By Agna Gabriel 1 min. read

Crude oil prices extended their decline on Monday, falling more than 7% to around $96 a barrel, the lowest in three weeks, as hopes for a diplomatic resolution to the US-Iran conflict eased concerns about further supply disruptions.

President Trump said Monday that Iran wants to “make a deal and that could happen”.

Early in the day, Iran's supreme leader approved the government’s pursuit of talks aimed at ending the months-long conflict that has disrupted Middle East energy supplies, according to Iran’s state-run IRNA agency.

This followed reports that President Trump also wanted to give diplomacy more time before considering renewed military action, telling Israeli Prime Minister Benjamin Netanyahu that he preferred negotiations.

US Secretary of State Marco Rubio reiterated that Trump favoured a peaceful resolution, while Iranian officials signalled that an agreement remained possible following two days of Qatar-mediated discussions, provided commitments were implemented in practice.



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