Oil prices decline on hopes for progress on Iran war efforts
Published . Updated .
Oil prices dropped Nov. 2, with Brent crude down 4.2% to $108.68 per barrel. Still, that’s much higher than the roughly $65 that a barrel of crude was selling for at this time last year.
Directly affected
- No company is named in this report.
Indirectly affected
- USO United States Oil Fund+13.9% 30d
United States Oil Fund: its price follows crude oil. Linked by “oil” (oil) in this story.
- XLE Energy Select Sector SPDR+12.1% 30d
Energy Select Sector SPDR: its price follows crude oil. Linked by “oil” (oil) in this story.
- ITA iShares U.S. Aerospace & Defense ETF-3.0% 30d
iShares U.S. Aerospace & Defense ETF: it holds defense and aerospace contractors. Linked by “war” (defense) in this story.
- BWET Breakwave Tanker Shipping ETF-3.3% 17d
Breakwave Tanker Shipping ETF: it tracks tanker freight rates. Linked by “iran” (tanker shipping) in this story.
- XOM ExxonMobil Holdings+13.4% 16d
ExxonMobil Holdings (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “oil” (oil) in this story.
- CVX Chevron+15.7% 30d
Chevron (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “oil” (oil) in this story.
- OXY Occidental Petroleum+1.5% 30d
Occidental Petroleum (crude petroleum and natural gas): oil producers' profits rise and fall with crude prices. Linked by “oil” (oil) in this story.
- COP ConocoPhillips+8.3% 30d
ConocoPhillips (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “oil” (oil) in this story.
Price reaction, T-5 to T+3
| Ticker | T-5 | T-3 | T-1 | T0 | T+1 | T+2 | T+3 |
|---|---|---|---|---|---|---|---|
| USO | -1.54% | -1.29% | base | -5.78% | after close | after close | after close |
| XLE | -0.51% | -2.20% | base | -1.71% | after close | after close | after close |
| ITANo price data for this ticker | — | — | — | — | — | — | — |
| BWETNo price data for this ticker | — | — | — | — | — | — | — |
| XOM | -1.45% | -2.77% | base | -1.98% | after close | after close | after close |
| CVXNo price data for this ticker | — | — | — | — | — | — | — |
| OXYNo price data for this ticker | — | — | — | — | — | — | — |
| COPNo price data for this ticker | — | — | — | — | — | — | — |
Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.
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Oil prices decline on hopes for progress on Iran war efforts Transport Topics
Source: Transport Topics
United States Oil Fund (USO) since this story, compared with the market
| Company | When | Move | Status |
|---|---|---|---|
| United States Oil Fund (USO) | that day | -5.78% | still updating |
| United States Oil Fund (USO) | three days earlier | -1.29% | final price |
| United States Oil Fund (USO) | five days earlier | -1.54% | final price |
| Select Sector Spdr Tr (XLE) | that day | -1.71% | still updating |
| Select Sector Spdr Tr (XLE) | three days earlier | -2.20% | final price |
| Select Sector Spdr Tr (XLE) | five days earlier | -0.51% | final price |
| ExxonMobil Holdings (XOM) | that day | -1.98% | still updating |
| ExxonMobil Holdings (XOM) | three days earlier | -2.77% | final price |
| ExxonMobil Holdings (XOM) | five days earlier | -1.45% | final price |
Trades by members of Congress and officials in the stocks in this story
- Rep. Pete Sessions sold ExxonMobil Holdings (XOM), worth $1,001 - $15,000 on 14 Oct 2026. That is 19 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Kevin Hern sold ExxonMobil Holdings (XOM) (jointly held), worth $100,001 - $250,000 on 31 Aug 2026. That is 63 days before publication. Filed 25 Sep 2026. View the filing.
- Rep. Pete Sessions sold Chevron (CVX), worth $15,001 - $50,000 on 14 Oct 2026. That is 19 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Kevin Hern sold Chevron (CVX) (jointly held), worth $15,001 - $50,000 on 23 Sep 2026. That is 40 days before publication. Filed 13 Oct 2026. View the filing.
- Rep. Maria Elvira Salazar bought Chevron (CVX), worth $1,001 - $15,000 on 2 Sep 2026. That is 61 days before publication. Filed 7 Oct 2026. View the filing.
- Donald J Trump, an executive branch official, bought Occidental Petroleum (OXY), worth $100,001 - $250,000 on 21 Aug 2026. That is 73 days before publication. Filed 8 Oct 2026. View the filing.
- Rep. Michael T. McCaul sold Conocophillips (COP) (held by a spouse), worth $1,001 - $15,000 on 26 Aug 2026. That is 68 days before publication. Filed 14 Oct 2026. View the filing.
- Rep. Michael T. McCaul sold Conocophillips (COP) (held by a spouse), worth $1,001 - $15,000 on 24 Aug 2026. That is 70 days before publication. Filed 14 Oct 2026. View the filing.
- Donald J Trump, an executive branch official, bought Conocophillips (COP), worth $1,000,001 - $5,000,000 on 21 Aug 2026. That is 73 days before publication. Filed 8 Oct 2026. View the filing.
Public disclosure filings, not a recommendation. The filing link is the source document. News use of these reports still sits under 5 U.S.C. § 13107(c).
Who is named in “Oil prices decline on hopes for progress on Iran war efforts”
Companies that tend to gain
- XOM ExxonMobil Holdings
For “Oil prices decline on hopes for progress on Iran war efforts,” ExxonMobil Holdings (XOM) tends to benefit, medium confidence. Reason on file: ExxonMobil Holdings (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “oil” (oil) in this story
- CVX Chevron
In “Oil prices decline on hopes for progress on Iran war efforts,” Chevron (CVX) tends to benefit, medium confidence. Reason on file: Chevron (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “oil” (oil) in this story
- OXY Occidental Petroleum
For “Oil prices decline on hopes for progress on Iran war efforts,” Occidental Petroleum (OXY) tends to benefit, medium confidence. Reason on file: Occidental Petroleum (crude petroleum and natural gas): oil producers' profits rise and fall with crude prices. Linked by “oil” (oil) in this story
No up or down call on file
- USO United States Oil Fund
For “Oil prices decline on hopes for progress on Iran war efforts,” United States Oil Fund (USO) is linked, with no stored direction, medium confidence. Reason on file: United States Oil Fund: its price follows crude oil. Linked by “oil” (oil) in this story
- XLE Select Sector Spdr Tr
For “Oil prices decline on hopes for progress on Iran war efforts,” Select Sector Spdr Tr (XLE) is linked, with no stored direction, medium confidence. Reason on file: Energy Select Sector SPDR: its price follows crude oil. Linked by “oil” (oil) in this story
- ITA IShares U.S. Aerospace & Defense ETF
For “Oil prices decline on hopes for progress on Iran war efforts,” IShares U.S. Aerospace & Defense ETF (ITA) is linked, with no stored direction, medium confidence. Reason on file: iShares U.S. Aerospace & Defense ETF: it holds defense and aerospace contractors. Linked by “war” (defense) in this story
- BWET Amplify Commodity Trust
In “Oil prices decline on hopes for progress on Iran war efforts,” Amplify Commodity Trust (BWET) is linked, with no stored direction, medium confidence. Reason on file: Breakwave Tanker Shipping ETF: it tracks tanker freight rates. Linked by “iran” (tanker shipping) in this story
United States Oil Fund (USO) and the energy link
United States Oil Fund (USO) is the company in “Oil prices decline on hopes for progress on Iran war efforts,” the 2 Nov 2026 Energy story.
What ties United States Oil Fund (USO) to the headline is this: United States Oil Fund: its price follows crude oil. Linked by “oil” (oil) in this story
Select Sector Spdr Tr (XLE) is here too. Its reason reads: Energy Select Sector SPDR: its price follows crude oil. Linked by “oil” (oil) in this story
What this energy story puts on the calendar
ITA traded between 197.59 and 215.76 across 20 sessions. The latest close on file is 209.72. USO traded between 141.82 and 171.80 across 20 sessions. The latest close on file is 168.83. XLE traded between 62.06 and 70.15 across 20 sessions. The latest close on file is 70.00.
How solid “Oil prices decline on hopes for progress on Iran war efforts” looks
46 out of 100Price not final
“Oil prices decline on hopes for progress on Iran war efforts” scores 46 out of 100. The score uses 1 sources, and 8 linked companies. The price is not final yet.