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Oil falls as Donald Trump says new Iran attacks ‘unlikely’

The Hindu Nov 09, 2026 at 07:48 AM IST Business
Oil falls as Donald Trump says new Iran attacks...

AI summary

Oil prices declined after President Trump stated new Iran attacks are unlikely, despite ongoing regional tensions. Brent crude dropped 0.85% to $97.48, reversing earlier gains as markets assessed de-escalation signals. Analysts note a growing global supply surplus and Iraq's agreement to resume exports via the Strait of Hormuz.

Key takeaways

  • Brent crude fell 0.85% to $97.48 following Trump's comments on Iran.
  • JPMorgan estimates a widening global oil surplus of 1.4 million barrels per day.
  • Iraq agreed to resume oil exports through a specific Strait of Hormuz lane.
  • Houthis claimed responsibility for an attack on Saudi Aramco offices in Riyadh.
Read the original at The Hindu

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