Brent eases on Monday as Iran discusses a 2-day Hormuz reopening plan
The expiring December contract settled at $117.64 on Friday and January at $113.43. January fell about 2% in Asia on Monday as talks in Doha continued.
Source published · In the Daily Brief of 2 November 2026
Brent’s December contract settled at $117.64 on Friday as it expired, and January, now the front month, at $113.43, up $2.63. Oil had its highest settlement since the end of April. In Asian trading on Monday January fell 1.97% to $111.23, according to Business Standard.
Abbas Araghchi, Iran’s foreign minister, said delegates in Doha discussed a plan to reopen the Strait of Hormuz within two days if Washington meets conditions, including lifting recent sanctions and restoring oil waivers. Marco Rubio, the US secretary of state, said he knew of no timeframe. Donald Trump, who has suggested strikes could follow the 3 November midterms, said talks were going fine.
Iran’s Revolutionary Guards said a fourth tanker had hit a mine. Before Sunday’s meeting, sources told Reuters that seven core OPEC+ members had agreed in principle to hold December targets, which most are producing below in any case.