Energy
Brent Slips Below $97 After Its Steepest Weekly Drop Since the Pandemic as Trump Signals Restraint on Iran
Image: 12019 via Pixabay
Oil extended losses Monday after a 16% weekly fall, even as shipping attacks near Hormuz and a Houthi strike claim kept supply risks in view.
By Emmanuel Cruz ·
Oil prices fell further on Monday, Nov. 9, after Brent crude's steepest weekly decline since the start of the Covid-19 pandemic, as President Donald Trump signaled he was unlikely to order new strikes on Iran while talks continue, Reuters reported [1].
In early trading on Monday, Reuters said Brent was down 1.5% at $96.91 a barrel and U.S. West Texas Intermediate was down 1% at $89.85 [1]. The Associated Press, using its own early-morning figures, put Brent down 2% at $96.38 and U.S. crude down 1.5% at $89.56 [2]. The small differences reflect the time each figure was taken. Reuters said Brent fell 16% in the previous week [1].
Trump said on Sunday it was highly unlikely he would order fresh attacks on Iran while talks to end the conflict continue, according to Reuters. He had earlier hinted at renewed attacks after the U.S. midterm elections, but there has been no sign of a large-scale U.S. military operation, the agency said [1]. Tim Waterer of KCM Trade described the remarks as "more measured" [1]. Iran has said it would respond to any attack by striking U.S. and Israeli targets [1]. The diplomatic picture remains difficult: CoinDesk reported that Secretary of State Marco Rubio said talks had stalled and called Iran's demands "outrageous" [3].
Shipping and infrastructure risks have not gone away. Reuters said both the United States and Iran reported that vessels were hit in or near the Strait of Hormuz [1]. The Iran-aligned Houthis claimed responsibility for an attack on Saudi Aramco's offices in Riyadh on Sunday, which blew out windows, and no casualties were reported, Reuters said [1]. The claim comes from the group, and the reports cited here do not describe any effect on Aramco's oil production.
Offshore Technology, citing Reuters, listed other disruptions on Monday. Russian governor Alexander Drozdenko said the Kirishi refinery caught fire after a reported Ukrainian drone strike, and production at the Khor Mor gas field in Iraq's Kurdistan region was halted after a drone hit an LPG storage tank on Sunday, with no group claiming the attack [4]. Iraq's prime minister said initial assessments showed no casualties [4].
Analysts pointed to the supply side as well. Sugandha Sachdeva of SS WealthStreet said Brent had near-term support at $93 a barrel [1]. Reuters also cited a JPMorgan report published Friday that estimated a global surplus of 1.1 million barrels per day in September, widening to 1.4 million in October [1]. A surplus of that size, if it materializes, would help explain why prices have fallen even with shipping lanes disrupted.
For markets, the move matters beyond energy stocks. Lower crude eases pressure on inflation expectations ahead of Tuesday's U.S. consumer price report, though the data for October largely predates this week's decline. CoinDesk noted that bitcoin has often fallen during oil rallies tied to Middle East tensions since the Iran war began [3].
The next signals will come from whether Trump's restraint holds, whether the stalled talks resume, and whether further incidents near Hormuz or at regional energy sites change the supply picture. Inventory and surplus estimates from forecasters will also shape whether Brent holds the $93 level that Sachdeva flagged.
Sources:
[1] Reuters via RTÉ, "Oil falls as Trump signals restraint on Iran amid fresh Hormuz attacks", November 9, 2026. https://www.rte.ie/news/business/2026/1109/1598486-world-oil-prices/
[2] The Associated Press via KSAT, "World markets bounce back after a recovery for AI stocks on Wall Street", November 9, 2026. https://www.ksat.com/business/2026/11/09/asian-markets-bounce-back-after-a-recovery-for-ai-stocks-on-wall-street/
[3] CoinDesk, "Bitcoin's drop and pop triggers $1 billion in liquidations", November 9, 2026. https://www.coindesk.com/markets/2026/11/09/bitcoin-drops-then-pops-as-nvidia-cheating-scandal-and-failed-iran-talks-trigger-volatility
[4] Offshore Technology (citing Reuters), "Oil prices fall as Trump signals no immediate strikes on Iran", November 9, 2026. https://www.offshore-technology.com/news/oil-prices-fall-trump-no-strikes-iran/
This article was produced with AI assistance. It is for informational purposes only and is not financial advice. StockVolt and its authors may hold positions in securities mentioned.