Oil prices fall by over 4% amid hopes of US-Iran peace deal

Oil prices fell more than 4% on November 2 amid hopes of a possible US-Iran peace deal. Brent crude futures dropped $4.79, or 4.2%, to $108.64 per barrel, while US West Texas Intermediate crude fell $4.41, or 4.2%, to $99.71. Reports said Iranian negotiators held talks with Qatari mediators, with a draft proposal reportedly being circulated to end the war.