Brent Crude Falls Below $90 for First Time Since August as Iran War Nears End

Brent crude oil prices fell below $90 a barrel on Tuesday, November 10, 2026, for the first time since August, as President Donald Trump again signalled the eight-month war with Iran could end soon. Brent crude below $90 is a milestone the market has raced toward all week: the global benchmark slid about 3 percent to lows around $89.20 to $89.70 a barrel before trading near $89.65 to $90.14, while US West Texas Intermediate crude fell 2.3 to 2.7 percent to about $84.52 to $84.86.

The drop extends Monday's 5.85 percent plunge, when Brent settled at $92.57, and leaves the benchmark down about 25 percent from its late-October peak above $112 to $117 a barrel. In barely a week, the war premium that defined oil markets all year has drained away.

Key Points

• Brent fell below $90 a barrel on Tuesday, November 10, 2026, for the first time since August 31, sliding about 3 percent to lows around $89.20–$89.70; WTI fell 2.3–2.7 percent to about $84.52–$84.86.
• The drop extends Monday's 5.85 percent plunge, when Brent settled at $92.57, and leaves Brent down about 25 percent from its late-October peak above $112–$117 a barrel.
• President Donald Trump said fresh strikes on Iran were “highly unlikely” and the war could end “fairly soon”, calling Iran's military “effectively over”.
• OPEC crude output rose 1.38 million barrels a day in October to 22.87 million barrels a day, about 90 percent of its pre-war level, according to a Reuters survey.
• Gold also slipped below $4,100 as safe-haven demand eased, and traders now await the monthly oil-market reports from the EIA, OPEC and the IEA.

What Happened

Tuesday's selling began where Monday's rout left off and gathered pace through the session. Brent had already lost 5.85 percent on Monday to settle at $92.57, after the 7.6 percent plunge on November 2 to $104.77. On Tuesday, the benchmark pushed through the $90 line traders had watched all morning, touching lows around $89.20 to $89.70 before steadying near $89.65 to $90.14, while WTI fell to roughly $84.52 to $84.86.

The trigger was political, not physical. President Trump again played down the prospect of new US strikes, saying they were “highly unlikely” and that the war could end “fairly soon”, while describing Iran's military as “effectively over”. His remarks landed as US-Russia-Ukraine trilateral talks opened in Abu Dhabi, adding to the sense that diplomacy, not escalation, is now the direction of travel.

Background

Brent began 2026 near $60 a barrel before surging toward $130 during the escalating strikes of March and April, after the United States launched its campaign against Iran on February 28 and Tehran disrupted shipping through the Strait of Hormuz, the waterway that carries a fifth of the world's seaborne oil. The shock never fully materialised: Hormuz flows recovered, but the war premium lingered in futures.

The turn came in November. US strikes on Iran's Qeshm Island briefly pushed Brent back above $106 in early November, but on November 2 both sides signalled a diplomatic end was possible and Brent fell 7.6 percent to $104.77. On Monday, November 9, it dropped below $98 to around $97.30 to $97.48 as Gulf producers slashed prices, and the Dow rallied more than 1,100 points on the same hopes.

Brent Crude Below $90: What the Slide Means for Markets

The break below $90 changes the arithmetic for everyone in the oil market. OPEC's own crude output rose 1.38 million barrels a day in October to 22.87 million barrels a day, about 90 percent of its pre-war level, according to a Reuters survey — supply is coming back just as the fear premium disappears. Gulf producers have already been discounting aggressively to defend market share in Asia, and a market that was pricing scarcity a month ago is now pricing surplus.

Demand is not helping the bulls. JPMorgan estimates global oil use has fallen about 3.3 million barrels a day since the war began, a sign the world economy is softer than headline growth suggests. Yet Goldman Sachs raised its December Brent forecast to $105 a barrel from $90, betting the market has overshot.

Reactions

President Trump's remarks were the day's most market-moving comments, following days of signals from both sides that a settlement is possible. On Monday, Vice President JD Vance said Washington had made “progress” in talks with Iran and that the United States had set no deadline for a deal, The top US priority, Vance said, remains a firm, verifiable commitment that Iran will not rebuild its nuclear programme.

Other markets echoed oil's move. Gold slipped below $4,100 an ounce as safe-haven demand eased, a classic sign that investors see the risk of a wider war receding. Traders now await the monthly oil-market reports from the US Energy Information Administration, OPEC and the International Energy Agency.

Why It Matters

For American consumers, cheaper oil is welcome news heading into winter: gasoline prices track crude with a lag of a few weeks, so Tuesday's fall should feed through to lower prices at the pump if it holds. High gasoline prices were cited by voters as a factor in last Tuesday's midterm elections, and a sustained fall would ease household budgets

For producers, the picture is darker. Budgets in Saudi Arabia and other Gulf states were drawn up assuming far higher prices, and a prolonged stretch below $90 forces difficult choices about spending, subsidies and investment. Cheaper energy helps importers and dampens inflation — but JPMorgan's estimate of 3.3 million barrels a day of lost consumption warns the world economy is softer than it looks.

What Happens Next

Everything now depends on the talks. The trilateral discussions in Abu Dhabi continue on Wednesday, and any visible progress could drain the war premium further and push Brent toward still lower levels. If the talks stall or break down, the premium could return just as fast, and Goldman's $105 December forecast would suddenly look less like an outlier.

Traders will also watch the EIA, OPEC and IEA monthly reports. The level to watch is $90 itself: if Brent reclaims it quickly, Tuesday may be remembered as an overshoot; if it stays below, the market has entered a new, cheaper phase.

Frequently Asked Questions

Why did Brent crude fall below $90?
Hopes of a diplomatic end to the US-Iran war, after President Trump called fresh strikes “highly unlikely”, plus rising OPEC output and weak demand.

What is the current price of Brent crude?
Around $89.65 to $90.14 a barrel on Tuesday, after touching lows near $89.20 to $89.70. WTI traded around $84.52 to $84.86.

How far has Brent fallen from its peak?
About 25 percent from its late-October peak above $112 to $117 a barrel.

Will cheaper oil mean lower gasoline prices?
Yes, with a lag of a few weeks. Gasoline prices follow crude, so the fall should reach the pump if it holds.

Could oil prices rebound quickly?
Yes. Goldman Sachs sees Brent at $105 in December if the talks break down.

Read more on US markets: Brent Crude Drops Below $98 as Gulf Producers Slash Prices, Dow Jumps 1,104 Points as S&P 500 Has Best Day Since April.