https://www.live-feeds.com/feed/oil-prices-slide-in-biggest-drop-since-july-on-hope-for-more-iran-talksContinuously updated, source-cited coverage. https://www.live-feeds.com/feed/oil-prices-slide-in-biggest-drop-since-july-on-hope-for-more-iran-talkshttps://www.live-feeds.com/feed/oil-prices-slide-in-biggest-drop-since-july-on-hope-for-more-iran-talks#u181945Fri, 06 Nov 2026 16:55:29 +0000Oil prices plunged over 7% on November 2, marking the steepest decline since July. The slide follows reports that the United States and Iran are both pursuing diplomacy to ease Mideast tensions and end the war. While prices later steadied at $106, the market remains volatile. Recent rebounds occurred following reports of US strikes on Iran's Qeshm Island, which renewed supply fears. President Donald Trump has since stated twice that the US does not plan to resume strikes on Iran after the midterms.Why it mattersGlobal oil markets are reacting to the possibility of a diplomatic breakthroug