The US president said he would hold off on new strikes for the time being after regional appeals, including from Qatar’s prime minister. Brent reached its lowest level since 31 August before ending Monday’s session lower.
Brent crude futures settled down 5.85% on Monday, 9 November, after US President Donald Trump said he would hold off on new military strikes against Iran for the time being. During the session, the international oil benchmark fell to its lowest level since 31 August.
Reuters said Trump’s decision followed appeals from countries in the region, including from Qatar’s prime minister during White House talks. Trump also said he planned to maintain the naval blockade in the Strait of Hormuz for now.
Prices fell further in early trading on Tuesday, 10 November. The figures below are intraday prices by 01:02 GMT [05:02 Yerevan time], not Monday’s settlement prices.
| Benchmark | Price per barrel | Change |
|---|---|---|
| Brent | $92.33 | Down 24 cents, or 0.23% |
| US West Texas Intermediate | $86.5 | Down 35 cents, or 0.40% |
Tim Waterer, chief market analyst at KCM Trade, said the market was prioritizing Trump’s more conciliatory tone toward Iran since the midterms. Attacks on shipping around the Strait of Hormuz continued, he said, but had not escalated enough to add a fresh risk premium—the extra amount traders pay to account for risk—to oil prices.
Senior US and Gulf officials doubted the chances of an imminent peace agreement between the US and Iran. Iranian security council chief Mohsen Rezaei rejected reports of talks as imaginary and said the US should accept the seven conditions Iran had repeatedly set out.
Speaking to veterans and their families at Arlington National Cemetery on 11 November, President Donald Trump predicted the conflict would end soon.
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Scott Bessent moved from his home to a military base after alleged Iran-linked threats to his life, US media say. The Treasury says he remains committed to economic pressure on Iran.
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The company confirmed the November 10 attack, while UK maritime authorities said a projectile struck a tanker 19 nautical miles northeast of Lima, Oman. Whether the two reports concern the same incident remains unclear.
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