Oil falls as Donald Trump says new Iran attacks ‘unlikely’

PERTH Oil prices fell at Monday’s (November 9, 2026) open after U.S. President ​Donald Trump said he was highly unlikely to order new Iran ‌attackswhile talks to end the conflict make progress, despite both ​nations’ reports of attacks on ships in or near ⁠the Strait of Hormuz. Oil prices hit two-month low after U.S.

Democratic win Oil prices hit two-month low after U.S. Democratic win Brent crude futures dropped 1% to $93.5 per ⁠barrel, after an 8.7% slide in the previous session Oil prices hit two-month low after U.S. Democratic win storyline 1 Brent was down 84 cents, or 0.85%, to $97.48 a barrel by 0138 GMT, while West Texas Intermediate fell 32 cents, or ‌0.35%, to $90.51 a barrel.

The fall reversed minor gains made on Friday’s (November 6, 2026) settlement as the market assessed the ‌possibility of further U.S. strikes on Iran, although Brent fell ‌17% ⁠last week, the steepest weekly drop since the start ⁠of the COVID pandemic and the biggest in absolute terms, according to LSEG data dating back to 1988.