# Oil Prices Drop as Iran-Ukraine Peace Hopes Press Markets

> Oil prices fell over $1 Thursday as Iran-Ukraine peace talks boost market confidence.
- Title: Oil Prices Drop as Iran-Ukraine Peace Hopes Press Markets
- Summary: Oil prices fell over $1 Thursday as Iran-Ukraine peace talks boost market confidence.
- Keywords: oil prices, iran, ukraine, peace talks, brent futures, wti crude, opec+ production, The Economic Times
- Source: The Economic Times — https://economictimes.indiatimes.com/markets/commodities/news/oil-prices-drop-more-than-1-as-hopes-for-iran-ukraine-peace-talks-pressure-markets/articleshow/135752159.cms
- Author: Reuters
- Published: 2026-11-12T01:54:00+00:00
- Read time: 1 min
- Topics: oil prices, iran, ukraine, peace talks, brent futures, wti crude, opec+ production, money, business
## Oil prices drop
Oil prices dropped more than $1 on Thursday as hopes for progress in Middle East and Russia-Ukraine peace talks pressured the market.
## Brent futures fall
Brent futures lost $1.14, or 1.2%, to $91.62 a barrel by 0141 GMT.
## WTI crude futures fall
US West Texas Intermediate crude futures fell $1.04, or 1.2%, to $85.49.
## Nissan Securities view
Markets are falling on expectations that behind-the-scenes efforts are underway to secure a ceasefire between Russia and Ukraine.

> Markets are falling on expectations that behind-the-scenes efforts are underway to secure a ceasefire between Russia and Ukraine and that it is unlikely the Iran war will escalate ahead of the US-China summit next week
## Iran nuclear stance
Iran will not allow even a single particle of enriched nuclear material to leave the country.

> Iran will not allow even a single particle of enriched nuclear material to leave the country and there will be consequences if US launches new strikes
## US-China summit
Iranian security chief said there will be consequences if US launches new strikes.

> Iranian security chief Mohsen Rezaei said in televised remarks that there will be consequences if US launches new strikes
## OPEC+ production
OPEC+ crude oil production jumped in October, led by Saudi Arabia despite Hormuz Strait disruptions.
## Key takeaway

Oil prices dropped more than $1 as hopes for Iran and Ukraine peace talks pressured markets.