# US Oil Falls Below $100 on Hopes of an Iran Deal, and Wholesale Gasoline Drops 18 to 24 Cents

West Texas Intermediate fell 7.8 percent to about $96 Monday. Pump prices average $4.17, down from $4.40 a month ago but well above last year. One analyst calls the move 'curious and specious' and warns we've 'seen this movie before.'

- Section: [Economy](https://rightnewsrightnow.com/economy/)
- Published: 2026-11-03
- By: RightNewsRightNow Staff
- Canonical page: https://rightnewsrightnow.com/articles/oil-below-100-iran-hopes-daily-caller/

Drivers may see some relief at the pump after oil prices tumbled Monday on signs the US and Iran are open to talks, the Daily Caller reports.

The move. As of 1:03 p.m. ET, West Texas Intermediate, the US benchmark, was down 7.8 percent at $95.96 a barrel, according to CNBC data. Brent crude, the global benchmark, fell 8.1 percent to $104.24 and stayed above $100. Petroleum analyst Tom Kloza said wholesale gasoline fell 18 to 24 cents a gallon on Monday, and that the national average could get close to $4 a gallon if the drop holds.

The caution. Kloza also said the day's action is "both curious and specious and we've seen this movie before," and that "refined products may remain lofty well after crude prices become more moderate." AAA said regular gasoline averaged $4.17 Monday, down from $4.40 a month ago but up from $3.04 a year ago. The Energy Information Administration told the Daily Caller it has no estimate isolating the war's effect on gasoline and heating oil prices.

The politics. Secretary of State Marco Rubio said Saturday that Trump "hasn't made a decision" on new strikes and would "prefer to solve it diplomatically." Iran's foreign minister said a deal is possible if Washington "demonstrates goodwill." The report notes Trump has said the US will not attack before the midterms, while the Wall Street Journal reported Oct. 27 that Gulf governments were told to prepare for a "short, intense military campaign" afterward, citing anonymous sources.

The White House response. Spokeswoman Taylor Rogers said gas prices will "drop drastically" once the conflict ends, and that more oil is now flowing out of the Persian Gulf than before it began. A White House official listed steps to ease prices: a coordinated release of 400 million barrels with International Energy Agency members, including 172 million from the US Strategic Petroleum Reserve; an Oct. 5 order temporarily allowing off-road diesel on highways and deferring its federal excise tax; a plan to exchange up to 315,000 barrels from the Northeast Home Heating Oil Reserve; and Jones Act waivers.

What we could not check. Prices were quoted at one point Monday afternoon and may have moved since. The White House claims about oil flows and the effect of its steps are its own.

## Source

Original reporting: [Daily Caller](https://dailycaller.com/2026/11/02/oil-prices-under-100-marco-rubio-iran-war-tom-kloza-aaa-gas-prices)