Oil drops about 7% as Iran says contacts to end the war continue
Oil prices fell about 7% Monday, with Brent crude below $105 a barrel and U.S. crude near $96, on hopes for a diplomatic end to the U.S.-Iran war. Iran said contacts through Qatari mediators continue after days of talks ended with altered proposals but no breakthrough; a draft proposal is circulating. On Wall Street, the Dow rose 0.41% while the S&P 500 fell 0.51% and the Nasdaq fell 1.07% as investors sold technology stocks ahead of Tuesday's midterms.
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Why it matters
Oil prices feed into what people pay for fuel and shipping, and they have swung sharply on news from the Middle East. Monday's stock moves were mixed: the Dow rose while the tech-heavy Nasdaq fell about 1%.
How each side sees it
Sources
- Reuters via MarineLink: Oil prices drop 7% as Iran, Qatar open to peace talks
- Reuters via gCaptain: Iran says contacts continue after talks end with no breakthrough
- Yahoo Finance: Stock market today, Nov. 2
- TheStreet: Stock market today, Nov. 2, 2026
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