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Oil prices amid Iran war
Oil prices are steady around $106 after falling below $104 a barrel for the first time since October 15 amid hopes of a breakthrough to end the Iran war.
Updated 08:37 UTC, 3 November 2026 · 3 reports from 3 outlets · 13 one-source
Image: The Guardian
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Story opened Oil prices are steady around $106 after falling below $104 a barrel for the first time since October 15 amid hopes of a breakthrough to end the Iran war.
How it’s being told
One card per media bloc. Each summary is written only from that bloc’s own headlines and quotes.
Russian state media
TASSState media
TASS foregrounds the price movement itself, reporting that Brent crude 'fell below $104 per barrel for the first time since October 15' and citing trading data from London's ICE exchange. It centres market figures and percentages, noting Brent 'was down 8.55% at $103.73 per barrel' and that WTI December futures 'declined by 7.62% to $96.19 per barrel', without mentioning hopes of a breakthrough to end the Iran war.
European media
Financial TimesPrivateThe GuardianNon-profit
European media foregrounds the diplomatic moves behind the price shift, centring Iranian and Qatari officials and US rhetoric. The Guardian cites Iran's foreign minister saying everything depends on the political rationality of Washington, while the FT notes investors were 'cheered by reports' that Iran's supreme leader granted 'powers' to his government. Trump's 'hammer' remark and Qatari efforts to free '$6bn' in assets also feature.
In their words
What the people at the centre of this story said, word for word, with the article each quote appeared in.
The only reason why I’m not finished with Iran is I want to be nice. I want to try and save all those lives if I can... But at some point we’re going to have to give them the hammer
Consultations through mediators are very intensive. We have presented our conditions and proposals and everything depends on the political rationality of Washington
Receipts
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Oil prices are steady at $106 a barrel after sharp declines.
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“Oil prices steady at $106 after sharp declines”
Financial TimesPrivateReportsOil prices steady at $106 after sharp declines
WTI crude oil futures for December delivery declined by 7.62% to $96.19 per barrel.
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“Meanwhile, WTI crude oil futures for December delivery declined by 7.62% to $96.19 per barrel.”
TASSState mediaReportsBrent crude price falls below $104 per barrel, first time since October 15
Brent crude was down 8.55% at $103.73 per barrel as of 8:49 p.m. Moscow time.
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“As of 8:49 p.m. Moscow time, Brent crude was down 8.55% at $103.73 per barrel.”
TASSState mediaReportsBrent crude price falls below $104 per barrel, first time since October 15
Brent crude fell below $104 per barrel for the first time since October 15.
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“The price of Brent crude oil futures with January 2027 delivery on London’s ICE exchange fell below $104 per barrel for the first time since October 15 of this year, according to trading data.”
TASSState mediaReportsBrent crude price falls below $104 per barrel, first time since October 15
Brent crude oil futures with January 2027 delivery on London's ICE exchange fell below $104 per barrel on November 2.
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“The price of Brent crude oil futures with January 2027 delivery on London’s ICE exchange fell below $104 per barrel for the first time since October 15 of this year, according to trading data.”
TASSState mediaReportsBrent crude price falls below $104 per barrel, first time since October 15
The yield on 10-year UK bonds fell 10 basis points to its lowest since 22 September.
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“Government borrowing costs dropped, with the yield – or interest rate – on 10-year UK bonds down 10 basis points, or 0.1 of a percentage point, to the lowest since 22 September.”
The GuardianNon-profitReportsOil price falls amid hope of a breakthrough to end Iran war
Iran's supreme leader Mojtaba Khamenei granted "powers" to his government in its talks with the US.
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“But investors were cheered by reports on Monday that Iran’s supreme leader, Mojtaba Khamenei, had granted “powers” to his government in its talks with the US seeking to end the Middle East war.”
The GuardianNon-profitAttributesOil price falls amid hope of a breakthrough to end Iran war
Trump said the only reason he is not finished with Iran is that he wants to be nice.
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““The only reason why I’m not finished with Iran is I want to be nice. I want to try and save all those lives if I can... But at some point we’re going to have to give them the hammer,” he said during a campaign rally in the run-up to the US midterm elections.”
The GuardianNon-profitAttributesOil price falls amid hope of a breakthrough to end Iran war
Donald Trump told Iowa voters on Sunday that Iran would receive "the hammer" unless there was progress.
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“Donald Trump had earlier taken a belligerent tone, telling voters in Iowa on Sunday that Iran would receive “the hammer” unless there was progress.”
The GuardianNon-profitAttributesOil price falls amid hope of a breakthrough to end Iran war
Qatari officials tried over the weekend to negotiate the release of more than $6bn in Iranian assets.
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“Over the weekend, Qatari officials tried to negotiate the release of more than $6bn (£4.5bn) in Iranian assets, so that Tehran might allow the strait of Hormuz to reopen.”
The GuardianNon-profitReportsOil price falls amid hope of a breakthrough to end Iran war
Iran's foreign minister Abbas Araghchi says consultations through mediators are very intensive.
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““Consultations through mediators are very intensive. We have presented our conditions and proposals and everything depends on the political rationality of Washington,” the Iranian foreign minister, Abbas Araghchi, said, according to the state media outlet IRNA.”
The GuardianNon-profitAttributesOil price falls amid hope of a breakthrough to end Iran war
Oil prices fell after Tehran revealed that Iran-US contacts to end their eight-month war were continuing.
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“Oil prices fell after Tehran revealed that contacts between Iran and the US to end their eight-month war were continuing.”
The GuardianNon-profitReportsOil price falls amid hope of a breakthrough to end Iran war
Brent crude fell more than 6.5% to as low as $105.55 a barrel on Monday.
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“Brent crude, the international benchmark, dropped by more than 6.5% to as low as $105.55 a barrel on Monday, the lowest since 16 October, sending shares in airline companies higher and pushing down government borrowing costs.”
The GuardianNon-profitReportsOil price falls amid hope of a breakthrough to end Iran war
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3 reports from 3 outlets — with who owns each outlet and who pays for it.
Financial Times Private
United KingdomOwner: Nikkei Inc.Paid by: subscriptions + advertising
TASS State media
RussiaOwner: TASS Russian News Agency (federal state unitary enterprise)Paid by: Russian federal budget + commercial news services
The Guardian Non-profit
United KingdomOwner: Guardian Media Group, owned by the Scott Trust LimitedPaid by: reader contributions + subscriptions + advertising; Scott Trust endowment
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13 one-source3 outletsUpdated