Brent rises 1.3% to $106.13 as Iran-US deal remains distant

Brent crude futures rose $1.36, or 1.3%, to $106.13 a barrel by 1043 GMT on Tuesday, 3 November 2026, while US West Texas Intermediate crude gained $1.45, or 1.5%, to $97.91. The benchmarks rebounded after falling more than 7% on Monday, as an Iranian official said Tehran and Washington remained far from an agreement to end the war.

An American official said the United States had struck Iran’s Qeshm Island. Some officials described the action as defensive, intended to prevent Iran from attacking commercial ships in the Strait of Hormuz. The conflict, which began in late February, has reduced traffic through the strait, a route that previously carried about a fifth of global crude oil and natural gas supplies.

The Iranian official said Tehran would not accept Washington’s “excessive demands”. Qatar’s foreign ministry spokesperson said the United States and Iran remained committed to mediation and were reviewing proposals to bridge their differences, with efforts to narrow gaps continuing.

Brent ended October at its highest level in six months amid concerns that the Middle East conflict could escalate after the US midterm elections. The developments followed Monday’s losses, when talks between Iranian and Qatari officials had raised hopes of progress towards ending the war.