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The story so far · 3 days, November 2 to 6, 2026
One Turn followed this story across 3 editions, from London, United Kingdom on November 2, 2026. Newest first.
Traders are pricing in peace even though attacks on ships continue.
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Oil prices fell sharply over the week as investors weighed a possible diplomatic deal against attack risks. US crude lost about 11% from its opening level. Rapidan Energy said renewed tension could push prices above $100.
Why it matters: Lower oil prices ease fuel costs, but the gains could reverse quickly.
Sources: CNBC, OilPrice, OilPrice · See it on the globe
Brent crude dropped to about $94 a barrel on Wednesday, its lowest since early September. Traders priced in a possible US-Iran settlement after Vance and Trump tied the election losses to the war.
Why it matters: Lower oil prices could ease fuel and living costs worldwide.
Sources: OilPrice, OilPrice, CNBC · See it on the globe
Brent fell more than 6% on Monday to $105.55 at one point. Oil hit a two-week low. Trump said prices would fall more if a deal comes.
Why it matters: Lower oil prices ease fuel costs for drivers and airlines.
Sources: CNBC, The Guardian, OilPrice · See it on the globe