{
  "id": 17896661,
  "title": "Oil prices plunge on US-Iran hopes, stocks end mixed",
  "url": "https://urgent.news/2026/11/03/oil-prices-plunge-on-us-iran-hopes-stocks-end-mixed",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-11-03T02:07:55.000Z",
  "source": {
    "name": "RTHK News - Finance",
    "slug": "rthk-news-finance",
    "url": "https://news.rthk.hk/rthk/en/component/k2/1876312-20261103.htm"
  },
  "original_language": "en",
  "account": "Oil prices plummeted over seven percent on Monday as indications emerged that Iran and the United States were renewing diplomatic talks, sparking optimism about ending the Middle East conflict. The Islamic Republic announced ongoing negotiations with Washington and proposed reopening the Strait of Hormuz under specific conditions. Earlier, Axios reported that US Vice President Kamala Harris had penned a letter to Iranian national security chief Mohsen Rezaei regarding potential new discussions. The highest-level communication from the Trump administration in months, the move sent shockwaves through markets.\n\nInvestors reacted with a \"violent change in market sentiment,\" according to John Kilduff of Again Capital. \"We went from really, I think, expecting a major offensive after tomorrow's US elections to a potential breakthrough,\" he explained. Kilduff warned that losses in the market would likely rebound if the breakthrough failed to materialize. The sharp decline in oil prices adversely affected energy stocks, while other sectors began the day on a positive note. However, technology shares experienced pressure as the day wore on, with the tech-heavy Nasdaq sinking 1.1 percent.\n\nMarket strategist Joseph Zidle of Cresset Capital noted that unease over the upcoming midterm elections and the AI boom added to the market's anxiety. \"It seems like data centers are part of the kitchen table issues,\" he pointed out, emphasizing that AI has become a contentious topic in various elections across the country.\n\nPollsters predict that Democrats will regain control of the House of Representatives, but they foresee Republicans maintaining a Senate majority. This shift could place President Trump in uncharted territory, facing a lame duck period marked by high inflation, the faltering war in Iran, and intense scrutiny from Democratic investigations. Investors are bracing for potential turbulence ahead of the US midterm elections while evaluating the financial impact of companies heavily investing in AI development. Earnings reports from Apple, Advanced Micro Devices, and Palantir will be closely monitored this week. Apple's shares dropped 1.8 percent, while the S&P 500 declined 0.5 percent to 7,541, the Dow industrials gained 0.4 percent to 51,984, and the Nasdaq fell 1.1 percent to 25,164.",
  "summary": "Oil prices tumbled more than seven percent on Monday, the eve of crucial midterm elections in the United States, as signals that Tehran and Washington were renewing dialogue boosted hopes of ending the Middle East war. Iran on Monday said \"intensive\" exchanges were underway with Washington and offered to reopen the Strait of Hormuz under strict conditions, as efforts escalated to avert a return…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}