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Oil falls as Iran reports Qatar talks on Hormuz reopening proposal

Brent and U.S. crude fell early Monday as Iranian negotiators discussed a proposal that could reopen the strait if the U.S. meets several conditions.

Published Nov 2, 2026 · 19:44 UTC2 reports

The short version

  • Oil prices fell more than 3% early Monday, with Brent down to $109.66 a barrel and U.S. crude to $100.64, according to AP.[Associated Press]
  • Iranian negotiators were in Qatar on a proposal that could reopen the Strait of Hormuz within two days if the U.S. meets several conditions.[Associated Press]
  • The Guardian reports Brent fell more than 6.5% to as low as $105.55 on Monday, a larger drop than the 3.3% early reading in AP's report.[The Guardian]

Key facts

  • Brent crude fell 3.3% to $109.66 a barrel early Monday, according to AP.[Associated Press]
  • U.S. crude fell 3.3% to $100.64 a barrel early Monday, according to AP.[Associated Press]
  • Iran's top diplomat said Iranian negotiators were in Qatar on a proposal that could reopen the Strait of Hormuz within two days if the U.S. meets several conditions.[Associated Press]
  • The Guardian reports Brent dropped more than 6.5% to as low as $105.55 a barrel on Monday, the lowest since October 16.[The Guardian]

What remains uncertain

  • Reports differ on the size of Monday's Brent decline, with AP citing 3.3% to $109.66 and the Guardian citing more than 6.5% to $105.55.[Associated Press · The Guardian]
  • Whether the proposal would reopen the Strait of Hormuz is unknown; it depends on the U.S. meeting several conditions, which the reporting does not specify.[Associated Press]

Sources

Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.