Crude Oil Prices Fall After Trump Rules Out Iran Attack Before Midterms | October 9, 2026

Crude oil prices fell on Friday, October 9, 2026, after US President Donald Trump said Washington would not launch new attacks on Iran before the November midterm elections, as per news reports. The comments eased fears of further disruption to Middle Eastern oil supplies, although ongoing regional tensions and an approaching hurricane in the Gulf of Mexico limited the decline. 

Brent crude futures for December delivery fell 0.8% to US$103.45 a barrel, while West Texas Intermediate (WTI) crude futures for November delivery declined 0.7% to US$90.86 a barrel. 

Trump’s Comments Ease Fears Over Iran 

Oil prices had risen nearly 4% on Thursday after Trump ruled out an attack on Iran before the midterm elections, following reports that military action was being considered. He also referred to “productive discussions” with Tehran. 

Separately, Iranian media reported that the country was reviewing a US response to its proposal to reopen the Strait of Hormuz. The developments eased immediate concerns about further escalation, although uncertainty over the outcome of diplomatic efforts remained. 

Middle East Supply Disruptions Remain a Concern 

Supply concerns continued to influence oil markets amid tensions around the Strait of Hormuz, a vital route for global energy shipments. Iranian attacks on tankers in the strait reached their highest weekly level since the US-Iran war began in February, disrupting shipping activity across the region. 

Clashes between Saudi Arabia and Yemen’s Iran-backed Houthis also raised concerns about potential disruptions to oil shipments through the Red Sea. 

However, prices had come under pressure earlier in the week after data showed Saudi oil exports recovering rapidly. Flows through the Strait of Hormuz also briefly exceeded pre-war levels, easing some supply concerns. 

Read More: NCL Industries Share Price in Focus After Production and Dispatch Report for Q2 FY27! 

Hurricane Isaias Threatens US Gulf Coast Production 

The approaching Hurricane Isaias added another source of uncertainty for energy markets. The storm was expected to make landfall over the weekend after strengthening on Thursday, prompting oil and gas companies, including BP, Chevron and Shell, to evacuate offshore facilities. 

The US Bureau of Safety and Environmental Enforcement reported that 1.28 million barrels per day of oil production in the Gulf of Mexico had been shut in, representing around 63% of the region’s daily output. A total of 121 platforms had been evacuated, while approximately 57% of daily natural gas production was also shut in. 

Conclusion 

Crude oil prices declined as Trump's comments reduced immediate fears of military escalation with Iran. However, continued disruptions in the Middle East and production shutdowns ahead of Hurricane Isaias kept supply risks in focus. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.   

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.