Oil falls as Donald Trump says new Iran attacks ‘unlikely’
The Hindu - Business/Economy · Published 9 November 2026 · Last updated
Trump’s reassurance that new US attacks on Iran are unlikely eased geopolitical tension, prompting a modest fall in oil prices amid an existing global supply glut.
Key points
- Donald Trump told CNN on 9 Nov 2026 that ordering fresh US strikes on Iran is “highly unlikely”, citing progress in diplomatic talks.
- Brent crude slipped 84 cents to $97.48 / bbl and WTI fell 32 cents to $90.51 / bbl by 0138 GMT, reversing Friday’s gains.
- The price dip occurred despite Iran and US reports of recent ship attacks in the Strait of Hormuz earlier that week.
- Iraq and the United States reached an understanding on 8 Nov 2026 to route Iraqi exports through a new lane near Oman
- according to Foreign Minister Fuad Hussein.
- Houthis claimed responsibility for an attack on Saudi Aramco
- s Riyadh office on 8 Nov 2026
- causing property damage but no casualties.
Background
- In early November 2026, Brent fell 17 % in a week – the steepest weekly drop since the COVID‑19 pandemic – after US‑Iran tensions escalated.
- Since the 2023 US‑Iran proxy conflict, the Strait of Hormuz has seen repeated vessel attacks, prompting global markets to price in a risk premium on oil.
- JPMorgan’s 6 Nov 2026 report projected a global oil surplus of 1.1 m bpd in September, widening to 1.4 m bpd in October, underpinning a bearish price outlook.
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Original report: The Hindu - Business/Economy