# Oil falls more than 7% as Iran signals talks: Brent at $104.77, what it means for petrol in Pakistan

Source: Searchable (https://searchable.pk/news/markets/oil-falls-more-than-7percent-as-iran-signals-talks-brent-at-dollar10477-what-it)
Type: News article
Author: Searchable Editorial
Published: 3 Nov 2026
Updated: 3 Nov 2026
Retrieved: 3 Nov 2026

> Brent and WTI had their sharpest one-day fall in months after Iran's president said Tehran will try dialogue and Trump said a deal could happen.

**Brent crude fell $8.66, or 7.63%, to $104.77 a barrel on Monday 2 November 2026**, and US crude (WTI) lost $7.66, or 7.36%, to $96.46, Reuters reported through [Business Recorder](https://www.brecorder.com/news/40447165/oil-drops-7pc-as-iran-signals-openness-to-talks). Brent touched $103.28 during the day.

## Why oil fell

- **Iran:** President Masoud Pezeshkian said Supreme Leader Ayatollah Mojtaba Khamenei has given the government authority for peace talks, and that Tehran "will try to resolve the problem with dialogue", state media reported. Iranian negotiators have held several days of talks with Qatari mediators, who flew to Tehran on Monday evening to meet Foreign Minister Abbas Araqchi about a possible US-Iran deal.
- **Washington:** President Donald Trump said Iran wants a deal to end the war and that one "could happen".

The fall reverses part of last week's rise. Brent ended October at a six-month high on fears that fighting could widen after Tuesday's US midterm elections.

## Not everyone is convinced

Raymond James analyst Pavel Molchanov said there is reason for scepticism after "false dawns" in recent months. UBS's Giovanni Staunovo said the market is reacting "with extreme sensitivity" to Middle East news. Goldman Sachs said on Sunday that Brent could reach **$140 in 2027** if Gulf output stays 3.5 million barrels a day below its 2025 average.

The war began at the end of February. ADNOC chief executive Sultan Al Jaber said the world has drawn nearly **1 billion barrels** from stockpiles since shipping through the Strait of Hormuz was disrupted.

## What it means for petrol in Pakistan

Pakistan imports most of its crude and fuel, so the world price feeds into the next fuel review with a lag. The government cut petrol by Rs 3.40 to **Rs 374.51 a litre** and diesel by Rs 7.76 to **Rs 395.20** from 3 November, a decision taken before Monday's fall; see our [report on the cut](/news/economy/petrol-cut-rs-340-to-rs-37451-diesel-down-rs-776-to-rs-39520-from-3-november). Refineries are also absorbing Rs 15 a litre on petrol under a separate [government arrangement](/news/economy/refineries-to-absorb-rs-15-a-litre-on-petrol-about-rs-15-billion-a-month-govt).

If Brent stays near $105 rather than Friday's $113.43, the next review has room for relief. A one-day fall is not a trend, though, and Monday showed how quickly the price swings on a single statement.

Track the daily numbers on our [petrol price page](/data/petrol-price) and [diesel price page](/data/diesel-price), and work out your monthly fuel bill with the [fuel cost calculator](/tools/cars/fuel-cost-calculator).

## Frequently asked questions

**What is the Brent oil price today?**

Brent settled at $104.77 a barrel on 2 November 2026, down $8.66 or 7.63%, on hopes of US-Iran talks. WTI settled at $96.46.

## Sources

- Oil drops 7pc as Iran signals openness to talks (Reuters, 3 Nov 2026) (Business Recorder): https://www.brecorder.com/news/40447165/oil-drops-7pc-as-iran-signals-openness-to-talks
- Crude oil prices sell off more than 7% on Iran peace talk hopes (CNBC): https://www.cnbc.com/2026/11/02/oil-prices-fall-as-iran-us-pursue-diplomacy.html

How to cite: "Oil falls more than 7% as Iran signals talks: Brent at $104.77, what it means for petrol in Pakistan", Searchable, 3 Nov 2026, https://searchable.pk/news/markets/oil-falls-more-than-7percent-as-iran-signals-talks-brent-at-dollar10477-what-it