Crude Oil Prices Fall Today as Trump Says Further Iran Attacks Are Unlikely | November 9, 2026

Crude oil prices declined at the start of Monday's trading session after US President Donald Trump said further attacks on Iran were highly unlikely as negotiations to end the conflict showed progress. However, reports of attacks on vessels near the Strait of Hormuz continued to keep geopolitical concerns in focus. 

Brent crude futures fell 84 cents, or 0.85%, to $97.48 per barrel by 0138 GMT. US West Texas Intermediate (WTI) crude declined 32 cents, or 0.35%, to $90.51 per barrel. 

Trump's Comments on Iran Ease Oil Market Concerns 

Trump told CNN that further military action against Iran was highly unlikely if both countries reached a strong agreement. His comments followed earlier warnings about possible renewed attacks after last week's US midterm elections. 

Iran, meanwhile, has warned that it would retaliate against US and Israeli targets if attacked. Despite Trump's latest remarks, reports of incidents involving ships near the Strait of Hormuz have kept tensions elevated. 

Oil Prices Record Sharp Weekly Decline 

Brent crude prices fell 17% last week, marking their steepest weekly percentage decline since the beginning of the COVID-19 pandemic. The fall also represented the largest absolute weekly decline in data recorded by LSEG since 1988. 

The decline reflected changing expectations around the US-Iran conflict and the possibility of improved oil supply conditions 

Read More: Valor Estate Share Price Declines Over 5% as Q2FY27 Net Profit Falls 15.9%!. 

Rising Supply Adds Pressure on Crude Oil Prices 

JPMorgan estimated that global oil supply exceeded consumption by 1.1 million barrels per day in September, with the surplus expected to widen to 1.4 million barrels per day in October. 

Recovering Middle Eastern exports, higher production elsewhere and weaker demand have contributed to the growing surplus. 

Iraq Restores Oil Export Route Through Hormuz 

Iraq reached an understanding with the United States to resume oil exports through the Strait of Hormuz using a shipping lane near Oman, Foreign Minister Fuad Hussein said. He estimated Iraq's losses from the conflict and export disruptions at $60 billion. 

Separately, Yemen's Houthi group claimed responsibility for an attack on Saudi Aramco's offices in Riyadh on Sunday. The incident damaged windows but caused no reported casualties. 

Conclusion 

Crude oil prices remain influenced by developments in the US-Iran conflict, shipping activity through the Strait of Hormuz and changing global supply conditions. Diplomatic progress and recovering exports have added pressure on prices, while regional security concerns continue to affect the market. 

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