Brent falls 64 cents on November 9 as Trump calls new Iran strikes unlikely if talks progress
Brent briefly lost more than US$1 a barrel despite US and Iranian reports of shipping being hit in or near the Strait of Hormuz
Oil prices opened lower on Monday (November 9, 2026), after US President Donald Trump indicated that further attacks on Iran were highly unlikely if negotiations to end the conflict made progress.
Trump linked the need for renewed military action to the outcome of negotiations. “It depends on whether or not they sign a very strong agreement,” Trump told CNN in a telephone interview. “The answer is, highly unlikely it’s going to be necessary.”
Brent crude stood at US$97.67 a barrel by 11.34am GMT, a decline of 64 US cents, or 0.64%. US West Texas Intermediate (WTI) traded at US$90.51 a barrel, down 35 US cents, or 0.40%.
Brent’s losses briefly exceeded US$1 a barrel during the opening session.
The decline in oil prices came despite reports from both the US and Iran that vessels had been hit in or near the Strait of Hormuz.
Trump had previously raised the prospect of resuming major attacks on Iran after the US midterm elections the previous week. However, there had been no indication of a large-scale US military operation.
Iran has stated that renewed attacks would draw retaliation against US and Israeli targets.
