Energy · Strait of Hormuz · Iran · November 3, 2026

Oil swings on Iran news; Brent above $104

Reported by 2 outlets · first reported Nov 3, 10:35 AM ET

Brent crude fell more than $6 in morning trading to $100.80, then recovered to about $104. Hopes for talks and new strikes drove the swings. Brent ended up 0.6% on the day.

Why it matters

Fuel and shipping costs worldwide track the Iran conflict.

Background

The Strait of Hormuz carries a large share of the world's oil.

The story so far

1. Oct 19Iraq's October oil exports near pre-war levels at 3.4m barrels a day
2. Oct 22Brent crude tops $113, highest level since May
3. Oct 23Brent crude briefly passes $117 on fears of renewed Iran strikes
4. Oct 25US says it helped Gulf states ship 1.5 billion barrels through Hormuz
5. Oct 27Oil stays above $100; diesel tight
6. Nov 3Oil swings on Iran news; Brent above $104
7. Nov 7Oil falls for the week on hopes of US-Iran deal
8. Nov 8Iraq says it can export oil through Hormuz
9. Nov 12UAE oil exports back to pre-war levels via Fujairah

Follow the whole story →

Sources

• OilPrice ↗Nov 3, 10:35 AM ET
• OilPrice ↗Nov 3, 11:43 AM ET
• CNBC ↗Nov 3, 3:02 PM ET

This summary was written automatically from the reporting linked above; follow the sources for the full story. How One Turn works.

See it on the globe →All of Nov 3's stories