# Oil Prices Plunge 7% as U.S. and Iran Signal Room for Diplomacy

- Source: OilPrice.com
- Published: 2026-11-02T16:36:00+00:00
- Category: Markets
- Original: https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Plunge-7-as-US-and-Iran-Signal-Room-for-Diplomacy.html
- Canonical: https://groundlevelnews.com/story/oil-prices-plunge-7-as-u-s-and-iran-signal-room-for-diplomacy-0e1498/

Oil prices plunged nearly 7% on Monday after Washington and Tehran both signaled they would give diplomacy a chance, wiping out part of the war premium that lifted crude through October. Brent traded at $105.60 per barrel, down $7.85, and WTI fell $7.20 to $96.92. Iranian President Masoud Pezeshkian said on Monday that the Supreme Leader has granted the government “certain authorities” over peace

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