Global oil prices extended their decline on Monday, November 9, 2026, as investors continued to reduce the geopolitical risk premium in crude markets following signs of possible de-escalation in the conflict involving the United States and Iran.
In the latest market snapshot, Brent crude futures traded at $96.84 per barrel, down 1.51%, while US West Texas Intermediate (WTI) fell to $90.10, representing a decline of 0.80%.
The latest decline followed comments by US President Donald Trump that further American attacks on Iran were highly unlikely if negotiations to end the conflict continued to make progress.
The market reaction came after Brent crude recorded a 16% decline last week, its steepest weekly fall since the beginning of the COVID-19 pandemic.
The US Midterm election results had added to expectations of a possible change in Washington’s approach to the conflict. Vice President JD Vance had linked the Republican Party’s electoral losses to the war with Iran, reinforcing speculation that domestic political pressure could encourage efforts to bring the conflict to an end.
For oil markets, attention will remain focused on developments in US-Iran negotiations, the security of shipping through the Strait of Hormuz and evidence of a sustained recovery in regional oil exports.
A diplomatic breakthrough between the US and Iran could further reduce the risk premium embedded in crude prices, while renewed attacks or prolonged disruption to shipping could reverse the recent decline.
