Crude prices slide as investors brace for a big week

This is CNBC's Morning Squawk newsletter. Subscribe here to receive future editions in your inbox.Hello, this is Leonie Kidd with today's edition of Morning Squawk. Markets are ready to turn over a new leaf in November, with futures higher after closing out a tough October. This week brings a raft of market moments, with more Magnificent Seven earnings, the midterms, and a payrolls data day on Friday. Buckle up, it's another big week. Happening now: Crude realitiesOil prices are at the center of the price action, with both Brent and WTI falling over 4% in early trade. The move comes as negotiators renewed diplomatic efforts to ease tensions with Iran. According to Reuters, a draft proposal is being circulated after another round of talks in Doha on Sunday.In an aerial view, Marathon Petroleum Corp's Los Angeles Refinery, one of the largest oil refineries in the North America, operates as gas prices rocket upward due to worldwide oil supply disruptions caused by the U.S. and Israeli attack on Iran, on March 10, 2026 in Carson, California.David Mcnew | Getty Images News | Getty ImagesU.S. Secretary of State Marco Rubio told reporters this weekend that President Donald Trump would prefer to resolve the war "diplomatically," adding that "...if we needed to do something militarily, we would have the ability to do it, and we really have everything we need to be successful. But we would prefer to do it peacefully."Analysis: Goldman Sachs has raised its price forecast for oil for December to $105 per barrel for Brent and $94 per barrel for WTI crude, citing "high disruption risk." The investment bank is pricing in a 1mb/d global supply disruption allowance through 2027. Yergin's view: Speaking to CNBC's Dan Murphy in Abu Dhabi, S&P Global's Dan Yergin said, "We are not going to return to a 'past normal', it's going to be a new normal," adding that the war in Iran remains an "open-hinge" moment in history. Stock Chart IconStock chart iconCrude pricesBig Movers: The chips are upFutures are moving higher, looking set to start November on a positive note after the worst month for the Nasdaq 100 in a year. The chip stocks are supporting the gains, with a strong handover from Asia. Shares in SK Hynix and Samsung rose sharply during overnight trading. Surprise: OpenAI boss Sam Altman made a surprise visit to South Korea, meeting with around 50 Samsung executives. He also reportedly met SK Chairman Chey Tae-won as he looks to build chip partnerships in the country. Sam Altman, chief executive officer of OpenAI, during an event in Seoul, South Korea, on Friday, June 9, 2023.SeongJoon Cho | Bloomberg | Getty ImagesGet Morning Squawk directly in your inboxEarnings today: An Apple a dayApple will be hoping to bring the shine back to the Magnificent Seven after last week's rough run for technology stocks. So far, the stock is the group's best performer — up 28% year-to-date — but expectations are sky-high.Analysis: CNBC contributor Jeff Kilburg writes that Apple's services business could be the "catalyst that keeps the wind in its sails." Anti-trade: Apple's correlation to the Nasdaq-100 has turned negative for the first time, with the stock now being seen as the anti-AI trade. Valuation: Find out why MoffettNathanson's Craig Moffett thinks Apple's valuation looks stretched, watch here.CNBC's MacKenzie Sigalos will report from Cupertino as CEO John Ternus hosts his first earnings call at the helm. The Election EconomyOne day to go, here are the latest headlines: Alaska Republican Sen. Dan Sullivan said Sunday he would accept the results of Tuesday's midterm elections, while slamming Democratic candidate Mary Peltola's campaign for reportedly recruiting Dan J. Sullivan to run as a spoiler.Michigan Democratic Rep. Haley Stevens, in a stunning move, endorsed Republican Senate nominee Mike Rogers on Sunday, over Democratic nominee Abdul El-Sayed, who defeated her in the primary.CNBC's coverage will continue throughout the day with a focus on the economy. Eamon Javers will look at how high inflation does not always mean a wipeout at the polls. Megan Casella will take a look at what a divided Washington could mean for policy, particularly around healthcare, tariffs and defence. Pippa Stevens is looking at utility stocks and how the governor races could prove to be more influential. And Finally...'Pop-up' super PACs pour $637 million into 2026 midterm racesA super PAC called Our Heritage Matters registered with the Federal Election Commission on Oct. 15.Five days later, it began spending to boost third-party candidates and attack Republicans. By Oct. 29, the group had spent about $1.2 million across 10 House and Senate races, according to a CNBC analysis of FEC filings.But voters still cannot see who supplied the money.— CNBC's Jenny Lee, Dan Murphy, Jeff Kilburg, Fred Imbert, Luke Fountain, Dan Mangan and Garrett Downs contributed to this report.Jack Sommers edited this edition.