By Irina Slav-Nov 09, 2026, 11:20 PM CST
Petroleum rates dropped to less than$92 per barrel for Brent and $86 for WTI following reports mentioning President Trump as not preparing to assault Iran”at this moment”.
At the time of composing, Brent crude was trading at $91.61 per barrel, and West Texas Intermediate was at$85.81 per barrel, after crashing by 7%on Monday, as reports emerged that the United States was open to letting Iran enhance uranium to practically 4% and Iran was, apparently, going to accept the idea. The reports have actually not been verified by main sources from either side.
Nevertheless, the Houthis continue to target Saudi energy facilities, with the most current attack as soon as again on the East-West pipeline. According to an main from the Saudi energy ministry, the attack triggered a “minimal fire”, which was snuffed out.
Tanker attacks in the Strait of Hormuz likewise continued today, however oil traders dismissed these, obviously concentrating on the supposedly excellent news about that war. “While attacks on delivering around the Strait of Hormuz are still taking place, they have actually not intensified in a manner that has actually required a fresh threat premium into the marketplace,” KCM Trade’s primary market expert Tim Waterer stated, as estimated by Reuters.
The publication kept in mind in a report from earlier today that Brent crude has actually shed 22% from its most current high, $118 per barrel, reached at the end of October, which was one of the most Brent crude had actually cost in 6 months.
In more bearish news for oil, a Reuters study discovered OPEC production in October had actually included 1.38 million barrels daily, for an overall of 22.87 million barrels daily. That’s still below the February average of 25.48 million barrels daily, however the space appears to be closing.
OPEC+ had actually promised previously in the year to improve output, however the Iran war made it difficult for the group to provide on that promise. The members covered by the group’s quota offer pumped about 25 million bpd in August, versus a combined target of 31.01 million bpd, and the group held quotas stable for October and November
By Irina Slav for Oilprice.com
More Top Reads From Oilprice.com
- Brent Crashes 7% on Iran Peace Hopes Despite Fresh Saudi Pipeline Attack
- ONGC Moves to Take Over Venezuelan Oilfields, Recover $500 Million
- IEA Backs Electrification Efforts at COP31 Climate Summit
Sign up with the conversation|Back to homepage
Irina Slav
What I Cover Irina Slav has actually been discussing worldwide energy markets considering that 2007, covering the oil and gas market, energy security, products, and the …
More Info
Associated posts
Leave a remark
Discover more from PMN S.P.O.R.T.S - A PRIME MEDIA NETWORK BRAND
Subscribe to get the latest posts sent to your email.
