Global oil prices plummeted during trading on Monday (November 9, 2026), after U.S. President Donald Trump signaled a reduced likelihood of further military strikes against Iran.
Brent crude futures closed down 5.85%—a decline of $5.75—to $92.57 per barrel, before falling by more than $7 in after-hours trading. Meanwhile, West Texas Intermediate (WTI) dropped 4.38% to $86.85 per barrel, falling an additional $5-plus after the session concluded. Brent reached its lowest level since late August, following a 16% decline the previous week.
Selling pressure intensified after Trump stated that it was unlikely Washington would launch new attacks on Iran, provided that negotiations to resolve the conflict continue to show progress. This statement bolstered hopes for diplomacy, prompting investors to strip the geopolitical risk premium out of oil prices. However, tensions have not fully subsided, as both nations reported incidents involving vessels near the Strait of Hormuz. Analysts at TACenergy noted that optimism regarding peace has fueled the sell-off, even though conflict-related activity on the ground has yet to show any significant decline.
Conversely, the prospect of a peace agreement faces hurdles; a senior Iranian security official asserted that Tehran has no intention of continuing negotiations until Washington takes concrete steps to meet the seven requirements outlined in the interim agreement from June. This suggests that the drop in oil prices is driven more by shifting market expectations than by any certainty that the conflict is nearing an end. Investors are now closely monitoring developments in U.S.-Iran diplomacy, the security of shipping lanes in the Strait of Hormuz, and potential disruptions to energy supplies to gauge the future direction of oil prices.
Source: Newsmaker.id