Brent Crude Falls Below $90 for First Time Since August Amid US-Iran Peace Hopes

Global oil prices have fallen below $90 per barrel for the first time since August, as growing expectations of a possible end to the eight-month war between the United States and Iran eased concerns over energy supplies.

Brent crude, the international oil benchmark, dropped by 3.1 per cent to $89.66 per barrel on Tuesday, November 10, 2026, extending losses recorded in recent trading sessions. US benchmark West Texas Intermediate (WTI) also declined, shedding 2.3 per cent to trade at $84.86 per barrel.

The market reaction followed comments by US President Donald Trump, who said on Monday that efforts to end the conflict with Iran were gaining momentum. Trump described Iran as militarily “effectively over”, although he did not rule out the possibility of further American strikes.

Iran, however, has called on Washington to accept its conditions as part of negotiations to reopen the strategically important Strait of Hormuz. The waterway has remained under blockade since the war began, raising concerns about the movement of oil and other essential supplies through the region.

Iranian Foreign Minister Abbas Araghchi told the state-run IRNA news agency that the conflict could not be resolved through military action or increased sanctions. He argued that diplomacy and negotiations addressing Tehran’s demands offered the only path towards ending the crisis.

Tehran has proposed reopening the Strait of Hormuz within two days if Washington agrees to several conditions. These include ending the war across all fronts, unfreezing Iranian assets, lifting oil sanctions and terminating the US counter-blockade of Iranian ports.

Trump said there was “positive momentum” towards ending the conflict after meeting Qatar’s prime minister at the White House. In a social media post, he also described the United States as “locked and loaded”, but said further strikes were “quite unlikely”, noting that key Gulf allies preferred the current situation to further military escalation.

Diplomatic efforts led by Qatar and Pakistan are continuing to find a resolution to the conflict, which began in late February following US-Israeli strikes that killed Iran’s Supreme Leader, Ayatollah Ali Khamenei. However, Iran’s security chief, Mohsen Rezaei, urged Washington to accept Tehran’s demands, accusing the US government of struggling to manage the consequences of the war. The movement in oil prices will remain closely linked to developments in negotiations and the future of shipping through the Strait of Hormuz.