Oil Plunges Up to 8%, Brent's Biggest Fall Since April, on US-Iran Peace Talk Hopes

Oil's Biggest Drop in Months

Crude oil fell hard on Monday, 2 November 2026 on hopes for US-Iran peace talks.

• Brent: down as much as 8% intraday, its biggest fall since April, quoted near $109-110 depending on the contract month.
• WTI: down about 6.5% to near $96.90.

Who wins, who loses

• Winners: oil importers such as India and Pakistan, airlines, and consumers.
• Losers: oil producers and energy stocks in exporting countries.

Why every market cares

Oil feeds into inflation. Cheaper oil eases pressure on central banks and lowers bond yields, which is why stocks from Mumbai to Milan rallied the same day.

The risk

The fall rests on diplomacy. If talks stall, the move can reverse just as fast.

Educational content, not investment advice.