Brent crude falls below $106 as US-Iran deal talks emerge
November Brent oil futures at $105.61, down by 0.93%
Brent crude oil futures prices dipped below $106 per barrel on Friday, November 3, after a two-day upward trend, following reports of potential US-Iran talks. By 10:05 am, Brent futures were at $105.61, declining by 0.93%, while West Texas Intermediate (WTI) crude oil futures were at $93.03, down by 1.67%. Meanwhile, October crude oil futures on MCX traded at ₹8947, a 2.40% decrease from their previous close of ₹9167.
November crude oil futures on MCX were at ₹8619, marking a 2.43% drop from their prior close of ₹8834. According to a Reuters report quoting unnamed sources, US and Iranian negotiators in New York are examining a phased approach to resolving the conflict, which could include Iran reopening the Strait of Hormuz and the US lifting its economic blockade on Iran.
Iranian President Masoud Pezeshkian stated to Fox News that it is up to the US to decide when the war will end, expressing the hope that it could occur before the year concludes. Additionally, there were accounts of missile attacks by the Houthis on Saudi cities of Yanbu and Taif, although Saudi Arabia claimed to have intercepted six ballistic missiles launched by the Houthis.
October natural gas futures on MCX opened at ₹316.90, a 2.58% decline from their previous close of ₹325.30. On NCDEX, October dhaniya contracts traded at ₹14872, down 0.29% from their prior close of ₹14916, and October jeera futures were at ₹22250, a 0.34% decrease from their previous close of ₹22325.
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