Oil prices are sliding as traders bet that diplomacy could ease the US-Israel-Iran conflict and restore disrupted Gulf supplies, even while attacks and unresolved negotiations keep markets vulnerable to reversals.

The supplied screenshot shows West Texas Intermediate (WTI) crud oil forward contracts at $95.60 a barrel, down 0.89%.

Brent crude is at $103.00, down 1.68%; and Murban at $102.20, down 2.98%, per OilPrice.com as of 8.09am in Tokyo on Wednesday (Nov. 4, 2026).

Natural gas moved higher, rising 1.16% to 2.889.

These are displayed quotes, not independently verified closing prices; the screenshot does not identify contract months or its data provider.

The main driver is a retreat in the geopolitical risk premium: the extra amount buyers pay when war threatens future oil availability.

Qatar-mediated negotiations have raised hopes that an agreement could improve shipping access and stabilise Middle Eastern exports.

Brent settled 7.63% lower at $104.77 on Monday, while WTI dropped 7.36% to…