Iran’s team leaves Doha as a draft proposal for a US deal circulates, and oil drops more than 3%
Oil fell on hopes for diplomacy, while Iran’s Revolutionary Guard said two tankers exploded on mines in the Strait of Hormuz.
Iran’s negotiators have left the talks in Doha, and a draft proposal for a deal with the United States is being circulated, an official said on Monday1. The departure came after Iran and Qatari mediators held a third day of talks aimed at ending the US-Iran war7.
Oil prices fell more than 3% as the talks eased fears about supply4,5. Iran’s foreign minister, Abbas Araghchi, said on Sunday that discussions with the Qatari mediators had covered a proposal to reopen the Strait of Hormuz4.
The slide also followed signals from President Donald Trump that he would give diplomacy more time5. Trump has reportedly pushed for more negotiations with Iran8. Qatar, which is leading the mediation, has been trying to head off new US attacks3.
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Why it matters to investors
Oil is pricing the talks directly. A drop of more than 3% in a single session shows how much of the current price reflects the risk of renewed fighting and of disruption in Hormuz4,5.
The draft proposal is the first sign that the Doha round produced a text rather than only statements1. Its terms have not been published in the available reports, so the market is reacting to the fact of a draft, not its content1,6.
Physical risk in the strait has not gone away. Iran’s Revolutionary Guard navy said two oil tankers exploded after hitting mines in the Strait of Hormuz5. That claim, made by an Iranian military body, sits alongside the diplomatic progress and shows why shipping and insurance markets remain on edge.
Tehran is also signalling force. Iran’s supreme leader, Mojtaba Khamenei, met the country’s military chiefs and spoke of a response to “any kind and level of threat”2. The war began eight months ago, when US and Israeli strikes killed the previous supreme leader and top military commanders3.
What to watch
The key question is whether Washington accepts the draft as a basis for a deal, and whether it includes a path to reopening the Strait of Hormuz4,6.
Investors will also watch for any return of Iranian negotiators to Doha and for further statements from Qatar’s mediators1,3.
Finally, any new tanker incidents in the strait would test whether the oil market’s relief can hold while talks continue5.
Sources
- Iranians have left Doha talks, draft proposal for US deal being circulated, official says, reuters.com (2026-11-02)
- Where things stand on Iran after a tense weekend - The Washington Post, washingtonpost.com (2026-11-02)
- Gulf region on edge as Qatar leads talks with Iran to stave off new U.S. attacks - NPR, npr.org (2026-11-02)
- Oil Prices Fall More Than 3% as Iran Peace Talks Ease Supply Fears - WSJ, wsj.com (2026-11-02)
- Iran war latest: Oil prices slide more than 3% as Trump signals more time for Iran diplomacy, thenationalnews.com (2026-11-02)
- Can a New US-Iran Deal Reopen the Strait of Hormuz as Tehran Leaves Doha Talks?, moderndiplomacy.eu (2026-11-02)
- Iran , Qatari mediators hold third day of talks to end US- Iran war - CNA, channelnewsasia.com (2026-11-02)
- Oil prices down on hopes of Gulf talks progress, semafor.com (2026-11-02)
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