[MARKET ANALYSIS] Crude pares the week’s rebound as markets digest the Qatar Emir-Trump call; spot gold still on track for its biggest weekly gain since August ahead of NFP

Newsquawk Staff · 6 Nov 2026, 09:24 UTC

Crude benchmarks have pared the week’s rebound, with WTI Dec’26 and Brent Jan’27 slipping, having earlier printed peaks of USD 92.53/bbl and USD 100.83/bbl. Dutch TTF is also well off its highs within a EUR 89.97-94.83/MWh range. The move lower comes as markets digest a phone call between Qatar’s Emir and US President Trump, in which the pair discussed diplomatic efforts aimed at de-escalating tensions in the region.
That followed a morning in which the geopolitical premium had been building. Iran continues to reiterate that the reopening of the Strait of Hormuz will be contingent on the US accepting its seven conditions. Sabereen reported two oil tankers on fire in the Strait of Hormuz, while explosions were reported in Najran in southern Saudi Arabia, with damage attributed to debris from a missile interception. Separately, IRGC Ground Forces commander Karami said Iran’s armed forces are fully prepared to deliver a decisive response to any hostile action, while the FT reported at least four Iranian vessels hovering over subsea cables in the Gulf of Oman. Further, Tasnim, citing an Iranian MP, suggested that Iran's response to any US aggression will include Europe, adding that the response could lead to oil crossing the USD 150 mark.
Spot gold remains on track to end the week with its biggest gains since August, though it trades lower on the day in a USD 4,035.92-4,107.00/oz band, having pared some of its earlier downside as the European session got underway, in tandem with oil and DXY rising in early European trade. Traders look ahead to the US jobs report later today (Full Newsquawk preview available). Elsewhere in precious metals, palladium lags while platinum is marginally firmer; some suggest industrial consumers and jewellery fabricators are taking advantage of this week's cheap entry points.
Base metals are also softer amidst the broader risk tone. 3M LME copper is lower in a USD 13.64k-13.83k/t range. The red metal has not benefited from the Democratic win, as it removes two key bullish catalysts: the rapid buildout of AI infrastructure and the risk of US import tariffs on the metal.

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"We are interested in the diplomatic track, but without making concessions", Al Arabiya citing an Iranian diplomatic source.
WTI crude+0.8%
"Washington has approved the draft memorandum of understanding that the Qatari delegation presented to Iran yesterday", Al-Araby Al-Jadeed reports citing sources close to the mediation team.
WTI crude−3.6%
Qatari mediators expect feedback from the US and Iran within 36 hours on a new proposal to advance talks, according to an official briefed on the talks cited by Reuters.
WTI crude−1.6%

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