Global oil prices continued to decline on Monday, November 9, after U.S. President Donald Trump suggested that further strikes on Iran were unlikely. However, attacks on ships near the Strait of Hormuz continued to raise concerns about the stability of energy supplies.
According to Reuters, Brent crude fell 1.7% to $96.6 per barrel on Monday morning. U.S. West Texas Intermediate (WTI) declined 1% to $89.9.
Brent lost 16% over the previous week, recording its steepest weekly decline since the start of the COVID-19 pandemic.
On Sunday, Trump said further U.S. strikes on Iran were highly unlikely as long as negotiations to end the conflict continued. Meanwhile, both the U.S. and Iran reported attacks on ships near the Strait of Hormuz, a critical route for global oil shipments.
The U.S. president had previously suggested that military operations could resume after the U.S. midterm elections. However, there have been no signs of preparations for a large-scale offensive. Tehran, meanwhile, warned that it would retaliate with strikes against U.S. and Israeli targets.
What continues to influence oil prices
Sugandha Sachdeva, founder of research firm SS WealthStreet, believes the oil market is already pricing in a relatively optimistic scenario of easing tensions. However, a comprehensive agreement between Washington and Tehran has yet to be reached. In her assessment, geopolitical risks will continue to support oil prices unless there is a diplomatic breakthrough and stable shipping through the Strait of Hormuz is restored. She sees the nearest support level for Brent at $93 per barrel.
Tim Waterer, chief analyst at KCM Trade, also noted that Trump's latest remarks were more measured. However, investors remain uncertain whether the change in rhetoric signals a lasting shift in Washington's policy following the elections or merely a temporary softening of its position.
The balance between supply and demand is putting additional pressure on oil prices. JPMorgan analysts have warned that a global oil surplus is returning. In September, supply exceeded consumption by approximately 1.1 million barrels per day, with the surplus widening to 1.4 million barrels per day in October. The main factors were recovering oil flows from the Middle East, increased production in other countries, and weak demand.
Meanwhile, threats to oil infrastructure remain. Yemen's Iran-backed Houthis claimed responsibility for Sunday's attack on Saudi Aramco's offices in Riyadh. In addition, a fire broke out at Russia's Kirishi oil refinery on Monday following a Ukrainian drone attack.
How the war with Iran sent oil prices soaring
The military conflict began on February 28, 2026, when the U.S. and Israel launched large-scale strikes against Iran. Tehran responded with attacks on U.S. and Israeli targets, as well as infrastructure in Gulf countries. Shipping through the Strait of Hormuz, which normally handles around 20% of the world's oil consumption, came under threat. On March 2, the first trading day after the war began, Brent surged 13% to $82 per barrel, while U.S. WTI climbed more than 12% to $75.
Prices continued to rise as supply disruptions and production cuts affected the region. By March 6, Brent had reached $92, gaining 27% over the week. On March 9, prices surged to $119 per barrel during trading, the highest level since 2022. As a result, oil prices rose by more than 60% at certain points in just ten days after the war began.
Just a few days ago, oil prices had fallen to $97.
Latest Brent News
-
Afghanistan
-
Albania
-
Algeria
-
Angola
-
Argentina
-
Armenia
-
Australia
-
Austria
-
Azerbaijan
-
Bahamas
-
Bahrain
-
Bangladesh
-
Belarus
-
Belgium
-
Bolivia
-
Botswana
-
Brazil
-
Brunei
-
Bulgaria
-
Cambodia
-
Cameroon
-
Canada
-
Chile
-
China
-
Colombia
-
Congo
-
Costa Rica
-
Cote d'Ivoire
-
Croatia
-
Cuba
-
Cyprus
-
Czechia
-
DR Congo
-
Denmark
-
Dominican Republic
-
Ecuador
-
Egypt
-
El Salvador
-
Estonia
-
Eswatini
-
Ethiopia
-
Finland
-
France
-
Georgia
-
Germany
-
Ghana
-
Greece
-
Haiti
-
Hong Kong
-
Hungary
-
India
-
Indonesia
-
Iran, Islamic republic
-
Iraq
-
Ireland
-
Israel
-
Italy
-
Jamaica
-
Japan
-
Jordan
-
Kazakhstan
-
Kenya
-
Korea
-
Kuwait
-
Kyrgyzstan
-
Laos
-
Latvia
-
Lebanon
-
Lesotho
-
Libya
-
Lithuania
-
Luxembourg
-
Madagascar
-
Malaysia
-
Malta
-
Mauritius
-
Mexico
-
Moldova
-
Mongolia
-
Montenegro
-
Morocco
-
Mozambique
-
Myanmar
-
Namibia
-
Nepal
-
Netherlands
-
New Zealand
-
Nigeria
-
North Macedonia
-
Norway
-
Oman
-
Pakistan
-
Palestine
-
Panama
-
Papua New Guinea
-
Paraguay
-
Peru
-
Philippines
-
Poland
-
Portugal
-
Puerto Rico
-
Qatar
-
Reunion
-
Romania
-
Rwanda
-
Saudi Arabia
-
Serbia
-
Singapore
-
Slovakia
-
Slovenia
-
Somalia
-
South Africa
-
Spain
-
Sri Lanka
-
Sweden
-
Switzerland
-
Syria
-
Taiwan
-
Tajikistan
-
Tanzania
-
Thailand
-
Trinidad and Tobago
-
Tunisia
-
Turkey
-
UAE
-
Uganda
-
Ukraine
-
United Kingdom
-
United States
-
Uruguay
-
Uzbekistan
-
Venezuela
-
Vietnam
-
Yemen
-
Zambia
-
Zimbabwe
- Forex
- Crypto
