Oil Fell More Than 4 Percent on November 2: Brent at $108.64 While Goldman Sachs Warns of $140 in 2027
Hopes for talks between Iran and Qatar pushed Brent down, but tensions around Hormuz and the US election limit the fall.
The price of oil fell more than 4 percent on November 2, according to Reuters. At 10:20 GMT Brent was $108.64 a barrel, $4.79 (4.2 percent) lower, and US WTI $99.71, $4.41 (4.2 percent) lower. Brent ended October at its highest level in six months, and some reports describe the drop as the biggest since July.
What pushed it down. Talks between Iranian and Qatari officials on ending the US-Israeli war on Iran raised hopes that supply disruptions from the Middle East could ease. Iranian negotiators left the talks, but a draft proposal is reportedly circulating and a new meeting is possible. Iranian Foreign Minister Abbas Araqchi said the talks are “ongoing and progressing”. There was no major military escalation over the weekend.
What limits the fall. Analysts cite concern that the conflict could escalate again after the US election on November 3 and recent attacks on tankers in the Strait of Hormuz. The war began in late February and drained stocks: the CEO of ADNOC said the world has used up nearly one billion barrels from reserves. Saudi Arabia raised exports in October compared with September, even though it is under Houthi attacks on its energy infrastructure.
The 2027 forecast. Goldman Sachs raised its forecasts and says Brent could reach $140 in 2027 if Gulf output stays 3.5 million barrels a day below the 2025 average. It lists intensified attacks on shipping, infrastructure damage and a more persistent risk premium as the main upside factors.
Different measurements. Some reports, judging by the headlines we saw, speak of a fall of 7 to 8 percent and of Brent below $105. Reuters measures the fall at 10:20 GMT at 4.2 percent, and prices change during the day, so it is worth looking at the market close rather than one moment.
What it means for us. Maximum fuel prices here, which RKE sets on the basis of earlier prices, rise by 1 to 2 denars from November 3. The oil fall of November 2, if it holds, could show up in one of the next decisions, but it is no guarantee, because the dollar exchange rate and the government VAT and excise measures also affect the price.
What to follow. Whether a new meeting between Iran and Qatar takes place, the outcome of the US election on November 3 and whether there are new attacks on tankers in Hormuz.
MKNews Hub · Macedonia · November 3, 2026
