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Daily brief

Oil drops 7% as Iran signals openness to peace talks, 10s -7bp

Mon 02 Nov 2026

Treasuries (close 2026-10-29): 2s 4.61% (-6.0bp), 10s 4.98% (-7.0bp), 30s 5.32% (-5.0bp).

Tape (close 2026-10-29): VIX 19.42, 2s10s +38bp.

Narrative: Iran war live: Tehran warns of earth-shattering blow; drone targets Riyadh

What mattered:

  • Oil drops 7% as Iran signals openness to peace talks
  • ISM Manufacturing PMI: 55.5
  • Vance: I feel good about prospects of Iran deal. We've made some progress, will see if can make some more.
  • Treasuries See Further Upside Amid Nosedive By Crude Oil Prices
  • Iran offers to open Strait of Hormuz on several conditions
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