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Last updated Tuesday, November 3, 2026 — 3:30 AM EST
Brent crude dropped more than six per cent to $105.55 a barrel, its lowest in over two weeks, after reports that Iran’s supreme leader had granted his government powers to negotiate an end to the war.
The United States reportedly carried out limited strikes on Qeshm Island in the Strait of Hormuz, the first publicly known attack on Iranian territory in weeks, as President Trump signalled progress toward a negotiated end to the eight-month war.
President Trump said the war with Iran will end ‘soon’ and that the United States is not ‘in that much of a hurry’ to sign a deal, as Washington and Gulf states opened a renewed diplomatic push.
Supreme Leader Mojtaba Khamenei told Iran’s top commanders that renewed U.S. or Israeli strikes must draw an immediate response without geographical limitations, as President Trump weighs resuming attacks after the midterms.
