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Oil falls as Trump plays down new strikes on Iran

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Brent crude fell 1.5% to $96.91 a barrel and US West Texas Intermediate fell 1% to $89.85 by 0629 GMT on Monday. Trump said he was unlikely to order fresh attacks on Iran while talks progressed.

Reports of ships hit in or near the Strait of Hormuz kept supply concerns in focus. The Houthis, an Iran-aligned group, said they carried out an attack on Saudi Aramco's offices in Riyadh on Sunday. Iran has said it would respond by striking US and Israeli targets.

Brent fell 16% last week, the steepest weekly drop since the start of the Covid-19 pandemic. Sugandha Sachdeva, founder of research firm SS WealthStreet, saw near-term support for Brent at $93 a barrel. She said oil prices would likely keep a geopolitical risk premium without a diplomatic breakthrough and steady shipping through Hormuz.

Tim Waterer, chief analyst at KCM Trade, said the market was waiting to see if the US midterm elections had changed Trump's approach to the conflict. JPMorgan said oil was heading for a glut again. It estimated a global surplus of 1.1-million barrels per day in September and 1.4-million in October.

Key facts

Who
Donald Trump (US President); Sugandha Sachdeva (founder of SS WealthStreet, a New Delhi-based research firm); Tim Waterer (chief analyst at KCM Trade); Houthis (Iran-aligned group that said it was responsible for an attack on Saudi…)
What
Brent crude fell 1.5% to $96.91 a barrel and US West Texas Intermediate fell 1% to $89.85 a barrel by 0629 GMT on Monday. Trump said on Sunday he was unlikely to order fresh attacks on Iran while talks progressed, even as shipping was reportedly hit in or near the Strait of Hormuz.
When
9 November 2026
Where
Strait of Hormuz, Iran, Riyadh
Status
Reported

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