CommoditiesMediumUpdated×7•Originally published 9 November 2026•Updated 10 November 2026•

1 min read

Oil Prices Hit 3-Month Lows as US-Iran De-escalation Hopes Grow

Key Facts

1Brent crude futures fell 3.34% to $95.04 per barrel as supply disruption fears eased.

2Oil prices declined following reports of potential Iranian concessions regarding the Strait of Hormuz and comments from Donald Trump downplaying extensive strikes.

Oil prices plunged more than 6% to three-month lows as increased hopes for peace talks between the United States and Iran eased global supply concerns. Brent crude fell 6.73% to $91.70 a barrel, while WTI dropped 5.45% to $85.88, reflecting a significant shift in market sentiment regarding energy security.

The price decline follows reports of deal terms involving the release of $8 billion in frozen Iranian funds by Washington in exchange for a halt to attacks in the Strait of Hormuz. Brent crude closed at $91.70 on November 10, 2026, as President Donald Trump downplayed potential military action and JD Vance continued his involvement in the negotiations.

Traders are awaiting the OPEC Monthly Report on November 11, 2026, to assess global supply and demand fundamentals and the potential impact of geopolitical de-escalation on production quotas.

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about 7 hours ago

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Version History

2 additional sources confirmed this story

Version 7about 7 hours ago

What changed: Updated exact percentage declines and closing prices for Brent and WTI crudes.

Version 6about 8 hours ago

What changed: Updated oil prices to reflect new 3-month lows and the breach of previous support levels.

Version 5about 19 hours ago

What changed: Updated Brent crude's daily drop to 5.2% and weekly decline to 16%, with a specific price of $93.27.

Version 4about 19 hours ago

What changed: Updated headline and lead paragraph to reflect the specific price drop of over 3% and its direct link to peace talk hopes.

Version 3about 20 hours ago

What changed: Updated headline to include Iranian deal specifics and the $8 billion fund release impacting oil prices.

Version 2about 20 hours ago

What changed: Updated Brent price to $93 handle, added historical context of the weekly drop, and included Iranian inflation data.

Version 1about 22 hours ago

What changed: Updated headline to reflect the specific Qatari mediation and the concrete interim deal instead of general de-escalation hopes.