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European Morning Brief · Tuesday 3 November 2026

The Trade Academy Team

Nov 3

1 min read

Americans vote as the US strikes Iran's Qeshm Island — a day after peace hopes sent oil down 8%
Oil had its steepest fall since July on Monday after Iran said it could reopen the Strait of Hormuz within two days as part of a deal with Washington and President Trump said an agreement "could happen": Brent fell 8.1% to $104.23. Overnight, however, US forces carried out limited strikes on Iran's Qeshm Island, and Brent has rebounded 2.4% to $106.76. Americans vote today in midterm elections that will decide control of Congress. In Asia, the chip sell-off returned, with Seoul and Taipei both down 3.59%, while Tokyo was closed for a holiday. European shares rose 0.42% on Monday as oil fell, taking the CAC 40 above 8,000, but are lower this morning. — Americans vote as the US strikes Iran's Qeshm Island — a day after peace hopes sent oil down 8%

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