Brent Crude Slips Below $90 for the First Time Since August as Trump Hints at End to Iran Conflict
Brent briefly fell under $90 a barrel on 10 November after President Trump said the conflict with Iran could end soon. Cheaper oil could ease India’s import bill, but analysts warn a deal is far from certain.
Global oil prices dropped sharply on Tuesday, 10 November, with Brent crude for January delivery briefly sliding below $90 a barrel — its first dip under that level since August. Business Today reported Brent trading about 2.65% lower at $90.14 early in the US session, while US benchmark WTI fell around 2.4% to $84.78, citing CNBC.
What moved the market
The fall followed remarks by US President Donald Trump at the White House after he met Qatar’s Prime Minister, Sheikh Mohammed bin Abdulrahman Al Thani. Trump said there was momentum towards ending the conflict with Iran, which has now run for close to nine months, and claimed Tehran was talking to Washington in a polite tone.
Traders read this as a sign that the risk premium built into oil prices could shrink. ING strategists Ewa Manthey and Warren Patterson said the market was stripping out part of that premium as hopes of de-escalation grew. Signals that Iran may soften its stance on the Strait of Hormuz, and expectations that Gulf shipments will return to normal, added to the selling.
A volatile year for oil
Brent started 2026 close to $60, shot up towards $130 during the strikes of March and April, then eased before climbing again on fresh tensions.
Not everyone is convinced
Fereidun Fesharaki, who chairs energy consultancy FGE, is doubtful that a peace deal is close, pointing to wide gaps between the two sides over nuclear material and control of the waterway. Any damage to energy infrastructure also remains a risk.
Why it matters for India
India imports most of the crude it uses, so a sustained fall in prices would lower the import bill, ease pressure on inflation and support the rupee. A fresh flare-up, however, could reverse the drop quickly.
Featured image: Oil tanker ship ‘Alkinoos’ (IMO 9792864) at the anchorage of the Port of Haifa, Israel – 2023-07-01 (DSC5705) by DmitTrix, CC BY 4.0, via Wikimedia Commons.
Sources
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