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BAKKEN WIRE
The Midday Take - Energy Market Briefing
Global Markets

Energy Market Briefing

Bakken Wire Staff·🔆Midday Wire·
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Date: Monday, November 2, 2026

1. Headlines

Oil prices are plunging sharply in midday trading. According to data from OilPrice.com and Rigzone, WTI crude is down over 7% to $96.51, and Brent crude is down nearly 8% to $104.58. The primary driver cited across reports is a sudden diplomatic opening between the U.S. and Iran. Iranian President Masoud Pezeshkian stated the government has been granted “certain authorities” over peace talks and will “try to resolve the problem with dialogue.” Concurrently, U.S. Secretary of State Marco Rubio indicated President Trump prefers a diplomatic resolution, with reports noting Trump wants to give talks more time following tomorrow's midterm elections.

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