Oil Settled Down More Than 7%. That Is Not a Gasoline Cut.

Crude futures dropped on Monday, November 2, after Washington and Tehran signaled interest in talks. West Texas Intermediate settled at $96.46 a barrel, down 7.4 percent, its biggest daily loss since July 27. Brent settled at $104.77, down 7.6 percent. President Donald Trump said Iran wants a deal. Secretary of State Marco Rubio said the United States would prefer a peaceful outcome and that no new strike decision had been made.

Iranian officials also spoke of dialogue, while Iran’s supreme leader on Saturday still urged a forceful response to any threat. TD Securities said talk alone should not erase the risk premium while tanker attacks continue. Separately, Goldman Sachs raised its December forecast to $105 for Brent and $94 for WTI and still builds in a 1 million barrel a day disruption allowance for 2027. No new U.S. gasoline or diesel pump price was published.

Did Monday’s lower crude price cut what U.S. drivers pay for gasoline? No pump-price change was established. The verified move is in futures, and a new forecast still assumes disrupted supply.