Why are oil prices down today? Brent Crude futures drop by 5.9%. Here's the latest price

Oil prices have dropped on Friday after the hopes of a diplomatic deal between Iran and the US reduced the fears of crude oil supply disruption. Brent Crude futures have fallen by 5.9% to $106.76 after increasing by over 2% in the previous session. Talks between Iranian and Qatari officials led to hopes that the Strait of Hormuz could open again after the proposed deal to end the US-Israeli war on Iran. Iran has said that the Strait of Hormuz could open within two days if there is a deal in place and the US agree to Iran’s terms. No direct talks are currently happening between the two nations.

Why are oil prices down today?

Oil prices have fallen by over 6% after the hopes of less supply issues in the Middle East due to diplomatic efforts. Brent Crude futures have fallen by 5.9% to $106.76.


Talks between Iranian and Qatari officials have raised hopes that the Strait of Hormuz will open again after a proposal to end the US-Israeli war on Iran. Iran’s top diplomat said in an interview published on his Telegram channel during the weekend that Iranian negotiators were in Qatar to discuss the proposal. He stated that if the US agree to several terms set by Iran then the Strait of Hormuz could open in two days.

What is the impact of drop in oil prices?

Silver rose by 2.5% to $50.33 per ounce today after oil prices fell. Platinum price did not change. The precious metal is still at $1,431.50 per ounce. Palladium rose by 0.9% to $986 per ounce. Gold rose by 0.8% to $3,903.90 per ounce by 0757 GMT. December gold futures in the US rose by 0.4% to $3,913.20.

Gold fell 3.5% on Friday to its lowest level since October 2025 after technology stocks fell. This led to margin calls on the stock market forcing investors to sell assets.

The concerns about the inflation and the chances of interest rates staying higher for a longer time have reduced. Investors are now looking at how the US midterms on November 3, fed comments and jobs data will impact precious metals.

US Secretary of State Marco Rubio said that the US had not made any decisions to start bombing Tehran again. However, President Donald Trump wants to resolve the issues diplomatically but the US still has its military capabilities.