Brent falls 2.58% to $90.18 as fears of escalation with Iran ease

Key Facts

Brent crude futures fell 2.58% to $90.18 a barrel by 09:30 GMT on Tuesday, November 10, while West Texas Intermediate fell 2.43% to $84.74, according to data cited by Reuters via MarketScreener. The decline followed losses in the previous session, as fears of an expansion of the U.S.-Iran confrontation eased after President Donald Trump said new strikes were unlikely. Brent had remained above $90 in early trading, at $90.52 after a 2.2% decline, according to the Associated Press. These levels put Tuesday’s move in the context of a sustained decline, but do not mean crude fell below the $90 threshold during that session. The easing of concerns also extended to global stock markets, which rose on Tuesday, as investors awaited U.S. inflation data.

Tuesday’s decline followed Monday’s session on November 9, when Brent closed down 5.85% at $92.57 a barrel and WTI fell 4.38% to $86.85, according to Reuters data reported by Investing.com. Over the week ended November 6, Brent lost 16%, its biggest weekly drop since the start of the COVID-19 pandemic, according to the same source. The sell-off coincided with improved prospects for de-escalation, after Trump said on Monday that the war in Iran was “effectively over militarily,” a remark the Associated Press said eased fears of further escalation. U.S. stocks also posted strong gains on Monday, with the S&P 500 up 2.3%, the Dow Jones up 2.2% and the Nasdaq Composite up 2.7%. U.S. stocks thus recouped most of the previous week’s losses, according to the Associated Press, before global markets extended their gains on Tuesday.

The de-escalation remarks did not include an announcement that the confrontation had ended or that the naval blockade would be lifted. Trump said he would halt new strikes for now as long as talks to end the conflict were making progress, following appeals from countries in the region, according to a Reuters report published via Investing.com. At the same time, the report said both sides had reported ships coming under attack in or near the Strait of Hormuz. Trump said the military action “doesn’t seem very necessary,” according to the Associated Press, adding: “But we’re on standby, and ready to go if the situation changes for any reason.” The Associated Press confirmed that the naval blockade continued, keeping shipping and supply concerns in the background of oil trading. Hopes for de-escalation therefore coincided with the continued presence of risks tied to the waterway in developments on the ground.

U.S. Energy Information Administration data show the sensitivity of oil flows through the strait over the period covered in its report. Total flows were 21.6 million barrels per day in the fourth quarter of 2025, then stood at 4.9 million barrels per day in the second quarter of 2026. The comparison between the two periods provides context for the impact of shipping disruptions in a passage monitored by energy markets, while developments in the conflict and the naval blockade remained under scrutiny. On the supply side, OPEC production rose by 1.38 million barrels per day in October to 22.87 million, according to a Reuters survey. Production was thus at about 90% of its level before the U.S.-Iran conflict broke out in February. The figures show part of production recovering as the market remained sensitive to events around the Strait of Hormuz.

In China, oil imports rose 9.4% in October from September to 41.94 million metric tons, the highest level since March, according to data reported by Investing.com. This adds an indicator of demand to the backdrop for the oil market during the period, alongside higher OPEC production and continued price declines. In Asian stock markets, Japan’s Nikkei closed up 2.9% at 60,459.58 on Tuesday, while South Korea’s Kospi rose 4.4% to 5,239.13, according to the Associated Press. The two indexes’ gains came as part of a broader rise in global markets following U.S. stock gains, without the agency attributing the moves solely to oil. Investors were awaiting the U.S. October Consumer Price Index report, with inflation expected to rise to 3.9% from 3.7% in September. The next U.S. Energy Information Administration Short-Term Energy Outlook was scheduled for November 10, providing an opportunity to track its official estimates for prices and supplies after recent developments.