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Oil price falls amid hope of a breakthrough to end Iran war

The Guardian World Monday 02 November 2026, 17:14 UTC By Graeme Wearden 1 min read
Key Points

Brent crude drops by more than 6% to $105.55 a barrel, the lowest level in more than two weeksThe oil price has fallen to its lowest level in more two weeks amid new hopes of a breakthrough to end the Iran war. Brent crude, the international benchmark, dropped by more than 6.5% to as low as $105.55 a barrel on Monday, the lowest since 16 October, sending shares in airline companies higher and pushing down government borrowing costs.

Brent crude drops by more than 6% to $105.55 a barrel, the lowest level in more than two weeks

The oil price has fallen to its lowest level in more two weeks amid new hopes of a breakthrough to end the Iran war.

Brent crude, the international benchmark, dropped by more than 6.5% to as low as $105.55 a barrel on Monday, the lowest since 16 October, sending shares in airline companies higher and pushing down government borrowing costs.

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Iran (LOCATION) Brent (PERSON) the Iran war (EVENT)
Originally published by The Guardian World Read original →

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