The benchmark U.S. oil price declined 4.44% to reach $99.50 per barrel on Nov 2, with energy markets reacting to signage that Washington and Tehran are exploring a peaceful conclusion to their war. Brent crude also slid 4.61% to $108.20, catalyzed by a proposal from Iran to temporarily reopen the Strait of Hormuz for two days and statements from Secretary of State Marco Rubio that President Trump prefers a nonmilitary resolution to the conflict.
Despite the slump in oil prices, which helped lift U.S. stock futures during the session, the diplomatic outlook remains strained. Both nations have continued to prepare for the possibility of military strikes following Tuesday’s midterm elections, though Iran has indicated that a formal agreement remains possible if its conditions are met.