Brent crude falls below $90 for the first time since August as Trump says the Iran war is "effectively over"
Brent crude fell below $90 a barrel on Tuesday for the first time since August, after President Donald Trump said the war with Iran could end soon.
Brent was down 2.9% at $89.92 as of 5:05 a.m. ET. US crude (WTI) fell 2.6% to $84.60.
The drop builds on Monday's slide. Brent settled 5.9% lower that day, at $92.57.
Trump met Qatar's prime minister, Sheikh Mohammed bin Abdulrahman Al Thani, at the White House on Monday. Afterwards he told reporters: "We're seeing momentum toward the end of this conflict. I think it's going to be ending fairly soon." He added: "Iran militarily is effectively over."
He did not rule out more force. Trump called new strikes "quite unlikely" and said the US will keep its naval blockade in the Strait of Hormuz for now.
Tehran denies that talks are taking place. Mohsen Rezaei, secretary of Iran's Supreme National Security Council, said the US should "stop manufacturing fake news about imaginary talks."
Supply is rising at the same time. OPEC pumped more oil in October than in September, according to a Reuters survey, led by Saudi Arabia, Kuwait and Iraq.
The drop reached fuel markets. Diesel futures fell 4.0% and gasoline futures 1.9%.
At the pump, regular gasoline averages $3.98 a gallon, down from $4.37 a month ago.
Energy stocks fell before the open. ExxonMobil (XOM) and Chevron (CVX) were both down 0.8% in premarket trading. The United States Oil Fund (USO) lost 2.7%.
Stocks barely moved. S&P 500 futures were up 0.1% and Nasdaq 100 futures down 0.2%. In Europe, the Euro Stoxx 50 rose 1.2%.
The 10-year Treasury yield edged up from 4.86% to 4.88%. Gold fell 0.6%.
Cheaper oil has eased worries about inflation ahead of the October consumer price report, due later on Tuesday.
Sources & Further Reading
- "Brent Crude Falls Below $90 on Iran War De-escalation Optimism." Bloomberg. November 10, 2026.
- "Trump says Iran war to end 'fairly soon,' plays down prospects of new strikes." CNBC. November 10, 2026.
- "Oil falls as Trump downplays prospect of escalation with Iran." Reuters. November 10, 2026.
- "National Average Gas Prices." AAA. November 10, 2026.
- "Wall St jumps as oil slide cools inflation worries; Nvidia slumps." Reuters. November 9, 2026.
This article was drafted with the help of AI. Kris Gunnars fact-checked, edited and published the article and is responsible for its accuracy and quality. How we use AI
