Brent falls below $90 for first time since August as Trump downplays Iran strikes

Oil falls as Trump eases strike threat

Brent crude fell nearly 3% to $89.66 a barrel on Tuesday morning, 10 November, its lowest level since 31 August. The contract dipped below $90 for the first time since August after a near 6% drop on Monday, 9 November, when signs grew that the conflict with Iran might be nearing an end. Trump told reporters at a White House briefing that military action was not currently necessary, while saying the United States was locked and loaded for any reason. He added that Israel and Gulf allies in the region were well protected from Iran and that escalation was not needed.

“At this point, taking the military action doesn't seem to be a very necessary thing - but we're locked and loaded, ready to go for any reason”

Strike pause and diplomacy

On Monday, 9 November, Trump said he would postpone new attacks on Iran for now, after regional governments pressed for restraint, including Qatar's prime minister during talks at the White House. The naval blockade of the Strait of Hormuz will continue for the moment, Trump told Reuters in an interview, and attacks on shipping around the strait have not escalated enough to add a fresh risk premium to prices. Tim Waterer, chief market analyst at KCM Trade, pointed to the president's softer tone toward Iran since the midterm elections.

“The market continues to prioritise President Trump's more conciliatory tone toward Iran since the midterms.”

Separately, Russian and Ukrainian officials were scheduled to hold two days of US-brokered talks on Tuesday, the first such round since February. The meeting follows Trump's suggestion in early November that a broad peace deal could be possible and might incorporate Europe's security.

Supply, fuel and gasoline

Brent has retreated more than 22% from the six-month high of $118 it touched on 30 October, though concern remains that shipping could still be disrupted. A Reuters survey found OPEC oil output rose in October, with the increase concentrated in Saudi Arabia, Kuwait and Iraq despite continued export constraints. In the United States, gasoline dropped below $4 a gallon for the first time since July, with the nationwide average for regular at $3.98 on Monday, 9 November, still significantly elevated for the season.

30 October 2026, six-month high118

10 November 2026, Tuesday morning89.66

30 October 2026, six-month high

118 $/bbl

10 November 2026, Tuesday morning

89.66 $/bbl

Data from the article text

Equities, gas and inflation data

European shares moved higher, with the Stoxx 600 up 0.9% to 662.54, close to the record it reached in early August. In London the FTSE 100 rose 45 points, or 0.4%, to 10,828, while BP fell 1.7% and Shell 1.5%. Airline stocks gained on hopes that calmer tensions would lower fuel costs, with Lufthansa up 1.8% and Air France-KLM 1.2% higher. European natural gas futures slipped for a third session, dropping as much as 4.3% before trimming part of the decline.

Daniela Hathorn, a senior market analyst at Capital.com, said global markets were extending their recovery after a strong session on Wall Street. She added that the Federal Reserve would want more evidence of slowing inflation before changing its policy stance.

“Ultimately, markets are benefiting from an improvement in the geopolitical outlook, but the underlying macroeconomic and corporate risks remain unresolved.”

US inflation data for October is scheduled for release at 1.30pm GMT.