Oil falls on hopes for US-Iran talks
Oil prices extended their decline after Iran’s president said the supreme leader had granted officials limited authority over negotiations with the United States, the Financial Times reported. Traders interpreted the comments as a possible opening for talks that could reduce conflict risk and ease fears of prolonged disruption to regional energy supplies.
Why it matters
Any diplomatic progress could remove part of the geopolitical premium that has supported crude prices.
Sources
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Part of the November 3, 2026 brief.