CommoditiesMedium•10 November 2026•
1 min read
Brent Crude Drops Below $90 as Diplomatic Hopes Fuel Selloff
Key Facts
1Brent crude briefly fell below $90 per barrel as the oil market selloff accelerated.
2Crude oil prices have plunged by almost $30 per barrel since the US midterm elections.
3Stubbornly high freight rates in the Gulf suggest markets do not yet deem the US-Iran war to be effectively over.
ICE Brent crude briefly fell below the $90 per barrel threshold as the oil market selloff accelerated. Oilprice.com reported that the decline is driven by diplomatic hopes regarding Iran and Ukraine, with prices plunging by nearly $30 per barrel since the US midterm elections.
Oilprice.com noted that freight rates for tankers in the Gulf remain stubbornly high, suggesting markets maintain caution regarding the US-Iran conflict despite diplomatic efforts. Meanwhile, US oil and gas rigs rose to 604 according to Baker Hughes data, marking the highest weekly tally since May 2024.