
Oil's 7.6% Plunge Tests the Iran Peace Rally
Brent settled $8.66 lower at $104.77 on Monday — its biggest daily drop since July — as a US-Iran peace plan draft circulated. WTI bounced 1.65% by Tuesday.
Amara Okafor8 min read
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Brent settled $8.66 lower at $104.77 on Monday — its biggest daily drop since July — as a US-Iran peace plan draft circulated. WTI bounced 1.65% by Tuesday.

Brent fell $1.51 to $111.92 a barrel as Iran peace talks unwind the war premium. The arithmetic says roughly $43 of every barrel is still fear.

Gold should have thrived on war, falling yields and a softer dollar this week. Instead, the gold price fell below $4,000 and closed its worst October since 2008.

WTI crude ended October 2026 at $102.95 with Brent near $113.10 as the Iran war premium hardened — and the bill is arriving at the pump.