Brent hits $117 then falls below $111 on Hormuz tanker risks: Nov 2, 2026
Brent reached $117 after a tanker caught fire in the Strait of Hormuz amid reports of tankers hit, keeping a geopolitical risk premium in prices. An OPEC+ subgroup kept oil production quotas unchanged for December while US midterm elections were seen as key for the oil market. Brent later fell below $111 per barrel for the first time since October 22, with Goldman lifting its December Brent forecast to $105 on Middle East and Russia supply risks.
Updated
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The day on the wire
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Each tick is a headline first seen that day.
Headlines (13)
First seen on November 2
- Oil Prices No Longer Follow HeadlinesOilPrice.com
- Iran war live: Tankers hit in Hormuz; Trump again says conflict to end soonAl Jazeera
- Oil falls as Trump favours Iran diplomacy before midterm electionsInvesting.com
- Oil slips as Iran says Qatar-brokered plan could reopen Hormuz in two daysInvestingLive
- The Commodities Feed: US midterm elections key for oil marketING Think
- Goldman lifts December Brent forecast to $105 on Middle East and Russia supply risksInvestingLive
- Brent crude oil price falls below $111 per barrel for the first time since October 22TASS
- Oil: Geopolitical risk premium holds as midterms loom – INGFXStreet
Carried over from earlier days
- Big Oil Scores $56B Windfall on Spiking Fuel Pricesrigzone.com
- Brent Hits $117 as Tanker Catches Fire in Strait of HormuzOilPrice.com
- OPEC+ subgroup keeps oil production quotas unchanged for Decemberworldoil.com
- Iran’s IRGC Navy says two tankers ‘exploded’ after hitting mines in Hormuztimesofisrael.com
- Offshore Tug Hit in Latest Attack in Strait of Hormuzmaritime-executive.com
Scheduled events
As of
| Event | Forecast | Currency |
|---|---|---|
| Monday, November 2 | ||
| RatingDog Manufacturing PMI | 52.0 | CNY |
| Manufacturing PMI | CAD | |
| Final Manufacturing PMI | 56.0 | USD |
| ISM Manufacturing PMI | 54.5 | USD |
| Construction Spending m/m | 0.4% | USD |
| ISM Manufacturing Prices | 77.2 | USD |
| FOMC Member Goolsbee Speaks | USD | |
| Loan Officer Survey | USD | |