Global oil prices extended their sharp decline on Tuesday, with Brent crude falling below $90 per barrel for the first time since August, as renewed hopes of de-escalation in the Middle East eased concerns over prolonged supply disruptions.
Brent crude futures traded at $89.75 per barrel, down 3.05%, as of Tuesday, November 10, 2026, while US benchmark West Texas Intermediate (WTI) fell to $84.44, representing a 2.77% decline.
The latest decline followed fresh signals from US President Donald Trump suggesting that Washington may not need to launch further military strikes against Iran, strengthening expectations that diplomatic efforts could bring the eight-month-old Middle East conflict closer to an end.
Why Oil Prices are Falling
Market sentiment has shifted towards the possibility of a diplomatic breakthrough, with Qatar reportedly mediating renewed efforts to ease tensions between the United States and Iran.
Trump’s comments that further attacks on Iran may not be necessary have reinforced expectations that the risk of a prolonged regional conflict could diminish.
Ole Hansen, Head of Commodity Strategy at Saxo Bank, said Brent crude had fallen approximately 25% from its late-October peak above $117 per barrel.
Oil Records Steepest Weekly Decline Since 2020
Brent crude plunged approximately 17% last week, marking its steepest weekly decline since the exceptional market volatility of the COVID-19 pandemic in 2020.
The benchmark has now retreated significantly from its late-October peak above $117 per barrel as traders reassess the likelihood of prolonged supply disruptions.
Investors are expected to monitor fresh statements from Washington and Tehran, alongside developments in Qatar-mediated diplomatic efforts, for further indications of whether tensions will ease.
