Renewed US-Iran war fears push oil prices higher after a days-long selloff

Summary

Oil prices rose after a days-long selloff as fears of a renewed US-Iran war returned. US President Donald Trump spoke with the emir of Qatar, which has sought to mediate a truce, while Washington and Tehran have also traded heated rhetoric. Al Jazeera reports that Iran has launched a diplomatic offensive, with Russia and the UAE among the diplomatic contacts it is pursuing, as the US weighs resuming the war.

Timeline

1. Semafor

   6 Nov 2026, 11:28 UTCSource ↗

   Semafor reports that oil prices rose after a days-long selloff as renewed US-Iran war fears returned, with Trump speaking to the emir of Qatar about a truce while Washington and Tehran traded heated rhetoric.

2. Al Jazeera

   6 Nov 2026, 12:57 UTCSource ↗

   Al Jazeera reports that Iran is stepping up diplomacy with countries including Russia and the UAE amid Trump's threats, as the US mulls resuming the war.