Oil fell Monday, amid news that both the U.S. and Iran are pursuing diplomacy amid ongoing Mideast tensions. Crude oil prices fell nearly 4% on November 2, 2026, as hopes of reopening the Strait of Hormuz eased supply concerns. Check Brent, WTI and MCX crude prices. Oil prices fall over 4% as US-Iran peace talks raise hopes of easing Middle East oil supply disruptions, while Goldman Sachs warns of future price risks.