Business · Energy & Commodities · 2 hrs ago
Oil Prices Fall as Markets Hope for US-Iran Peace
Brent crude fell more than 1.5% to $96.76 a barrel on Monday, extending a decline from late October.
The global benchmark has dropped about $20 a barrel since it was near $113 at the end of October.
Investors are betting the United States and Iran may avoid a wider escalation as hopes grow for a diplomatic solution to their war.
President Donald Trump said major new US attacks were highly unlikely if negotiations made progress, but said the outcome depended on Iran agreeing to a strong deal.
US Secretary of State Marco Rubio said no agreement was in sight and described some Iranian demands as unrealistic.
Fresh attacks in the Middle East still add uncertainty, while the war between Russia and Ukraine also affects the oil market.
The talks have not produced a breakthrough, and the sources give no timetable for what happens next.
Brent crude fell more than 1.5 percent to $96.76 a barrel on Monday.
Hopes for a diplomatic solution to the US-Iran war weighed on oil prices.
The global benchmark was down roughly $20 a barrel since late October, when it traded around $113.
US President Donald Trump said new large-scale US attacks on Iran were highly unlikely if talks made progress.
US Secretary of State Marco Rubio said there was no agreement in sight and no progress to report.
- Who
- Oil traders and investors reacted to signals from US President Donald Trump and Secretary of State Marco Rubio.
- What
- Oil prices fell amid hopes for a diplomatic solution to the US-Iran war.
- When
- Monday, November 9, 2026.
- Where
- Brent crude, the global benchmark oil price, was reported at $96.76 a barrel; Rubio spoke in Washington.
- Why
- Hopes for a diplomatic solution weighed on prices, although new attacks in the Middle East and uncertainty over negotiations remained concerns.
Donald Trump
Marco Rubio
Prospects for avoiding attacks
Donald Trump
Trump said new large-scale US attacks on Iran were highly unlikely as long as there was progress in negotiations.
Marco Rubio
Rubio said there was no agreement in sight and no progress to report.
Iranian demands
Donald Trump
Trump said the likelihood of attacks depended on whether Iran’s leadership signed a strong agreement.
Marco Rubio
Rubio described some Iranian demands as unacceptable, outrageous, laughable and unrealistic.
Oil prices reached a six-month high, with the global benchmark trading around $113 a barrel.
Oil prices recorded their steepest weekly loss since April 2020.
Trump said new large-scale US attacks on Iran were highly unlikely if progress was made in negotiations.
Brent crude for January delivery fell to $96.76 a barrel, more than 1.5 percent below Friday’s price.
- Brent crude price
- $96.76 a barrel for January delivery
- Monday’s decline
- More than 1.5 percent from Friday
- Global benchmark change
- Roughly $20 a barrel lower since late October
- Late-October benchmark price
- Around $113 a barrel
- Rubio’s assessment
- No agreement in sight and no progress to report
What people are saying
It depends on whether they sign a very strong agreement or not
not simply unacceptable, but in some cases also outrageous, laughable and really unrealistic