Oil Swings as Traders Assess Iran War De-Escalation Prospects

Bloomberg · Charles Gorrivan · 2026-11-06 08:38 UTC

Oil swung in a skittish session as traders weighed progress in diplomatic efforts to de-escalate the Iran war and reach a resolution that could support energy flows from the Middle East.

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Oil swung in a skittish session as traders weighed progress in diplomatic efforts to de-escalate the Iran war and reach a resolution that could support energy flows from the Middle East.

Global benchmark Brent traded near $98 a barrel, flipping between gains and losses. Prices had retreated after Bloomberg reported that the US and Iran were moving closer to a breakthrough in efforts to end the war. Tehran showed some flexibility on discussing aspects of its nuclear program that were previously off the table, according to a diplomat with knowledge of the talks.

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