Secretary of State Marco Rubio said President Trump aims to avoid military intervention in the ongoing hostilities with Tehran, seeking instead to resolve the conflict through nonmilitary channels. The remarks provided a catalyst for energy markets to trend lower on Nov 2, causing the price of West Texas Intermediate (WTI) crude to fall below the $100 per barrel threshold.
The decline capped a volatile session in which Brent crude futures experienced losses of up to 5%. Trading data showed that January 2027 Brent contracts dipped below $109 per barrel, while WTI prices fluctuated during the day, slipping as low as $99 per barrel before stabilizing slightly.