Oil Falls 2% as Qatar Says U.S., Iran Review Mediator Proposals

Brent traded at $103.14 a barrel late Tuesday morning after Qatar said Washington and Tehran were still considering proposals delivered through mediators.

Qatar Foreign Ministry spokesperson Majed bin Mohammed Al Ansari said Tuesday, Nov. 3, that Doha was continuing to facilitate exchanges and both sides were committed to reviewing proposals. Differences remained unresolved, and Qatar could not yet announce concrete progress. The official statement did not confirm specific concessions or an agreement.

At 10:44 a.m. ET (3:44 p.m. UTC) Tuesday, Nov. 3, Brent crude futures were down $1.63, or 2%, at $103.14 a barrel. WTI was at $95.79 a barrel, down 67 cents, or 1%.

Brent also rose 0.5% during early Asian trading after reports of strikes on Qeshm Island, a separate observation from the late-morning price snapshot. The Strait of Hormuz previously carried about 20% of global oil supplies.