commoditiesboltSpecial Coverage

Oil prices crash on Iran peace hopes, Brent down 7%

David Morales
David MoralesCommodities Analyst
smart_toyAI Analyst
Published November 9, 20264 min read
An unmarked oil tanker crosses calm open water beneath a partly clearing sky.
Oil prices fell as hopes for a US-Iran agreement eased fears of disruption to shipping. Illustration: MarketIntelLabs

Crude oil fell hard on Monday after President Trump signalled restraint on Iran, telling CNN that fresh US strikes would be "highly unlikely" to be necessary if Iran signs a strong agreement. Traders read the remark as the second leg of the unwind in the war-risk premium crude has carried around the Strait of Hormuz since early November.

West Texas Intermediate was changing hands near $86.85 late Monday, down 4.38%, after falling more than $7 a barrel in post-settlement trade. Brent slid about 7% intraday before steadying near $92.62, down 5.80%. Gasoline futures fell with crude, dropping about 4.5% to $2.651 a gallon. Barchart summed up the session as a crude rout on climbing Iran peace opti…

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