Oil Slides on Hopes of Iran Peace Deal

2026-11-04 21:42 By Isabela Couto 1 min. read

Crude oil fell about 8% to settle around $88 a barrel on Wednesday, extending losses for a third consecutive session and hitting a one-month low.

Markets are increasingly pricing in an end to the Iran war after the White House linked Republicans’ midterm election losses to the conflict.

Washington and Tehran have signaled openness to negotiations, with President Donald Trump telling reporters that Iran wants “to make a deal and that could happen.” Trump also cited gasoline prices as a factor behind the Republican defeat, while Vice President JD Vance blamed the war in a post on X.

Qatar continues to mediate talks between the two sides.

Trump told the Financial Times that the US had no immediate plans to strike Iran.

Meanwhile, Democratic control of Congress could constrain military spending in the Middle East, further raising hopes for a near-term peace deal.

Supply dynamics also weighed on prices, renewed Gulf exports pushed Middle Eastern oil availability above near-term demand.



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