Oil prices fell for a second day as Qatar facilitated a U.S.-Iran proposal exchange.
Why it matters: Crude markets remain sensitive to developments involving Iran and the Strait of Hormuz. Diesel markets have remained tighter than crude markets, according to Axios.
- January Brent settled at $103.60 a barrel on November 3, 2026, down 1.1%, CNBC reported.
- December West Texas Intermediate settled at $96.09 a barrel, down 0.4%; both contracts fell more than 7% on November 2.
- Qatar said it was facilitating an exchange of proposals between Washington and Tehran, while reporting no specific breakthrough.
- Axios reported that U.S. diesel futures remained more than 100% above their end-2025 level.
Crude prices fell for a second straight session as markets weighed diplomatic contacts between Washington and Tehran alongside military developments near the Strait of Hormuz.
January Brent crude futures settled at $103.60 a barrel on November 3, 2026, down 1.1% and at their lowest close since October 7. December West Texas Intermediate futures settled at $96.09, down 0.4% and at their lowest close since October 14, CNBC reported. Brent and WTI each fell more than 7% on November 2, CNBC said.
Qatar's Foreign Ministry said Doha was facilitating an exchange of proposals and that a Qatari delegation held an approximately three-hour meeting in Tehran. The ministry said both sides remained committed to negotiations but said there was no specific breakthrough at that moment.
The United States carried out limited defensive strikes against Iranian targets on Qeshm Island near the Strait of Hormuz on November 2, according to the Associated Press.
Diesel prices have not declined as much as crude. Axios reported that diesel supplies remained constrained and that U.S. diesel futures were more than 100% above their end-2025 level.
By the numbers
- $103.60 - January Brent settlement on November 3, 2026
- $96.09 - December WTI settlement on November 3, 2026
- More than 7% - Brent and WTI decline on November 2
Yes, but: Qatar reported that the proposal exchange had produced no specific breakthrough, while the United States also carried out strikes near the Strait of Hormuz.