# Oil Prices Fall 7% as Vance Says U.S.-Iran Talks Advance

By Enna Lee

Canonical URL: https://www.tokenpost.com/news/investing/47209
Published: 2026-11-03T03:07:02.000Z
Updated: 2026-11-03T03:07:02.000Z
Section: Investing

> WTI December futures settled 7.36% lower at $96.46 per barrel, while Brent January futures fell 7.63% to $104.77.

Oil futures plunged Monday after Vice President JD Vance said U.S.-Iran talks had made progress and he and President Donald Trump felt positive about reaching an agreement.

West Texas Intermediate (WTI) December futures settled 7.36% lower at $96.46 a barrel. Brent January futures closed down 7.63% at $104.77, while WTI fell below $100.

Vance spoke to reporters at Joint Base Andrews on Monday and said no deadline had been set for Iran. Asked whether Trump was considering renewed attacks after the midterm elections, Vance answered no, while also saying the president retained military and nonmilitary options.

Iranian President Masoud Pezeshkian said the supreme leader had authorized the government to negotiate. An Iranian Foreign Ministry spokesperson said a seven-day proposal introduced in September to reopen the Strait of Hormuz had been condensed into a plan that could be carried out in two days if Iran's demands were met. Those demands include lifting the U.S. naval blockade of Iranian ports, ending sanctions and stopping attacks across the region.