Oil Plummets as Iranian Diplomacy Offers Hope

Global oil prices fell by more than 3% during Monday’s trading session (Nov 2) as Iran and Qatar continued discussions for the third consecutive day, aiming to reach an agreement regarding the conflicts involving the U.S., Israel, and Iran. Brent crude dropped 3.2% to US$109.75 per barrel, while West Texas Intermediate (WTI) weakened by 3.3% to US$100.69 per barrel.

This decline follows Brent’s close at a six-month high at the end of October. Growing optimism regarding diplomatic progress, combined with the absence of any major military escalation over the weekend, triggered profit-taking and reduced some of the geopolitical risk premium that had previously supported oil prices.

Brent Oil price at the time of this analysis: $109.12

- Buy if the price moves to $109.05

- Sell if the price moves to $109.20

Resistance 2: $109.50

Resistance 1: $109.25

Support 1: $109.00

Support 2: $108.93

Note: This article is analytical in nature and does not serve as a definitive recommendation. Please consider the impact of fundamental and technical developments on trading before making any investment decisions.