Global Oil Prices Drop as Trump Rules Out Fresh Iran Strikes Amid Talks

Oil prices fell on Monday, November 9, 2026, after U.S. President Donald Trump stated that he is unlikely to order new attacks on Iran while peace talks make progress. Brent crude dropped 84 cents, or 0.85 percent, to reach $97.48 a barrel by 0138 GMT, while West Texas Intermediate fell 32 cents, or 0.35 percent, to $90.51 a barrel. The Economic Times noted a slightly different drop for Brent at 64 cents, or 0.64 percent, to $97.67 a barrel by 1134 GMT, with West Texas Intermediate down 35 cents, or 0.40 percent, to $90.51 a barrel. This downward movement reversed small gains made during the previous Friday session. Last week, Brent recorded a 17 percent drop, which marks its steepest weekly fall since the start of the COVID pandemic and the largest in absolute terms according to LSEG data going back to 1988. President Trump told CNN in a phone interview that new attacks depend on whether both sides sign a very strong agreement, adding that it is highly unlikely to be necessary. Tim Waterer, chief analyst at KCM Trade, described the U.S. leader's remarks as more measured but noted that markets are still waiting to see if recent midterms caused a lasting shift in his approach. Meanwhile, JPMorgan released a report on Friday estimating that global oil supply exceeded consumption by 1.1 million barrels per day in September, with that surplus widening to 1.4 million barrels per day in October due to recovering West Asian flows, rising outside production, and weak demand. In regional developments, Iraq reached an understanding with the U.S. on Sunday to let oil exports move through the Strait of Hormuz via a shipping lane near Oman, according to Foreign Minister Fuad Hussein in an interview with Al Jazeera. Mr. Hussein also stated that Iraq lost $60 billion due to the war and export disruptions. In a separate incident on Sunday, the Houthis claimed responsibility for an attack on Saudi Aramco offices in Riyadh that blew out windows but caused no reported injuries.

Context

The Strait of Hormuz is a vital shipping route for global petroleum, meaning any conflict or shipping disruption in the area immediately impacts world energy prices. Markets often react sharply to political statements from major leaders regarding military actions in oil-producing regions. At the same time, broader economic factors like supply surpluses and weak global demand continue to influence how energy commodities are priced day to day.