International Oil Prices Fall for Second Straight Day on U.S.-Iran Peace Deal Hopes; Brent Hits One-Month Low

Continues to fall after previous day's 7% plunge

Focus on Qatari-mediated proposal and Iran's willingness to negotiate

Brent falls after rebounding on U.S. strike on Qeshm Island

International oil prices fell for a second straight day on hopes for a ceasefire deal between the United States and Iran. Brent crude dropped to its lowest level in a month.

On Nov. 3 (local time), January-delivery Brent crude fell 1.12% from the previous session to settle at $103.60 a barrel on the London ICE Futures Exchange. December-delivery U.S. West Texas Intermediate (WTI) crude fell 0.38% to settle at $96.09 a barrel on the New York Mercantile Exchange. Brent crude recorded its lowest closing price since Oct. 7, while WTI posted its lowest close since Oct. 14.

International oil prices had also plunged more than 7% the previous day. Brent crude fell 7.6%, and WTI dropped 7.4%. According to MarketWatch, the two-day declines in Brent and WTI were the steepest since Aug. 4. Brent crude had climbed to $118 a barrel on Oct. 30 amid concerns that the war could spread.

An oil tanker is seen off Fos-sur-Mer, near Marseille, France, on October 17 (local time). Reuters-Yonhap News.

Foreign media said hopes for a diplomatic resolution grew after reports that the United States and Iran had made concessions needed for a ceasefire agreement. MarketWatch reported that a news report saying the United States had approved a draft memorandum of understanding (MOU) delivered to Iran through Qatari mediators raised expectations of a deal. However, a senior Iranian official said the U.S. response was “not convincing” and stated that the Strait of Hormuz could be reopened only if fighting stopped throughout the Middle East.

Iranian officials also made remarks suggesting that negotiations were possible. According to the British newspaper Financial Times (FT), Iranian President Masoud Pezeshkian said the supreme leader had granted the negotiating team a certain degree of authority. It was not clear, however, what specific authority had been granted or whether Iran’s existing negotiating conditions had changed.

Military tensions nevertheless continue. The United States attacked Iran’s strategically important Qeshm Island in the Strait of Hormuz the previous day. According to the FT, U.S. officials described the airstrike as a “defensive measure.” Brent crude briefly rose above $107 a barrel following news of the attack, but later turned lower. U.S. President Donald Trump has said there will be no further large-scale strikes before the midterm elections on Nov. 3.

This content was produced with the assistance of AI translation services.