Business · Energy & Commodities · 1 hr ago
Oil prices fall as Trump says new Iran attacks are unlikely
Oil prices fell on Monday after US President Donald Trump said fresh strikes on Iran were highly unlikely as long as talks to end the conflict progress.
The conflict involves the United States and Iran, and shipping has been hit near the Strait of Hormuz, a key route for oil supplies.
Later, an unconfirmed report said Iran had shown flexibility in talks over its demands for the strait.
That news pushed Brent crude below $95 a barrel, while US crude also fell.
Prices had already dropped after Trump's comments, which eased fears of a wider conflict.
Attacks on ships still leave supply risks in focus, and no comprehensive agreement between Washington and Tehran has been announced.
Trump said the need for attacks would depend on whether Iran signed a very strong agreement, so the market is watching for progress in talks and safer shipping.
Oil prices fell on Monday after US President Donald Trump said fresh attacks on Iran were highly unlikely if talks to end the conflict continued to progress.
Brent and West Texas Intermediate crude both fell, though reports gave different prices and declines at different times.
Attacks on ships near the Strait of Hormuz kept concerns about oil supplies in focus.
JPMorgan estimated that global oil supply exceeded consumption by 1.1 million barrels per day in September, with the surplus widening in October.
- Who
- US President Donald Trump said new attacks on Iran were unlikely. Oil traders reacted to his comments.
- What
- Oil prices fell after Trump signalled restraint on Iran, amid reports of shipping attacks near the Strait of Hormuz.
- When
- Monday, November 9, 2026.
- Where
- Oil markets; shipping attacks were reported in or near the Strait of Hormuz.
- Why
- Trump said fresh attacks were highly unlikely if talks to end the conflict progressed. Expectations of abundant oil supply also weighed on prices.
Donald Trump
Iran
Prospect of further attacks
Donald Trump
Trump said fresh attacks on Iran were highly unlikely if talks progressed.
Iran
Iran said it would respond by striking US and Israeli targets.
Brent fell 16 per cent, its steepest weekly drop since the start of the COVID-19 pandemic, according to the Globe and Mail.
Trump said he was highly unlikely to order fresh attacks on Iran as long as talks to end the conflict progressed.
Oil prices fell in early trading after Trump's comments.
- Brent price
- US$96.67 a barrel by 4:30 a.m. ET, according to the Globe and Mail
- WTI price
- US$89.87 a barrel by 4:30 a.m. ET, according to the Globe and Mail
- Supply surplus
- 1.1 million barrels per day in September, estimated by JPMorgan
- October surplus estimate
- 1.4 million barrels per day, estimated by JPMorgan
6 sources
Oil sinks to two-month low after Trump says he is 'highly unlikely' to order new barrage of strikes on Iran
Petrolio scende su indiscrezioni su Hormuz, Brent -3,5% sotto 95 dollari
Oil falls as Trump signals restraint on Iran despite fresh shipping attacks
Harga Minyak Turun ke US$97 Usai Trump Redam Ancaman Serangan ke Iran
Oil prices fall on open as Trump says fresh Iran attacks 'unlikely'
Oil falls on open as Trump says fresh Iran attacks 'unlikely'
What people are saying
It depends on whether or not they sign a very strong agreement. The answer is, highly unlikely it's going to be necessary.
more measured
The (oil) market appears to be pricing in a relatively optimistic scenario of de-escalation, even though a comprehensive agreement between Washington and Tehran has yet to materialize