Brent crude declines below $90 for first time since August on Iran war de-escalation hopes
Strategists were divided on how the American administration would approach the Iran conflict following the Democrats' resounding midterm victories, with some viewing escalation as a robust possibility even with the initial market reaction suggesting hopes of a pact. Reports that Iran may be softening its…
In this article
In the latest oil prices update, Strategists were divided on how the American administration would approach the Iran conflict following the Democrats' resounding midterm victories, with some viewing escalation as a robust possibility even with the initial market reaction suggesting hopes of a pact, according to CNBC World. Reports that Iran may be softening its position on control of the Strait of Hormuz have also cut worries over a prolonged disruption to one of the world's most key oil transit routes."
What happened: Oil prices
Still, with regional negotiations still uncertain and infrastructure risks persisting, we see oil prices to stay sensitive to developments in the Middle East." Fereidun Fesharaki, chairman of energy consultancy FGE, told CNBC's "Squawk Box Asia" on Tuesday that, even with market moves, he still did not see any prospects of a peace pact between the American and Iran. "So, with these two in between, I just cannot see an agreement being made.
Why oil prices matters for traders
Oil prices affect inflation, company costs and the currencies of major producers and importers. Moves in crude often spill over into the Canadian dollar, Norwegian krone and energy stocks.
Supply decisions, inventory data and geopolitical risks can move crude quickly, and higher energy prices can complicate the job of central banks fighting inflation.
Market reaction and data
Crypto prices at the time of writing, from Binance spot data (2026-11-10 10:45 UTC):
| Asset | Last price (USDT) | 24h change | 24h high | 24h low |
|---|---|---|---|---|
| Bitcoin (BTC) | 74,142.62 | 0.01% | 75,568.18 | 74,058.70 |
| Ethereum (ETH) | 2,086.89 | -0.93% | 2,151.90 | 2,084.00 |
What to watch next for oil prices
Watch for OPEC+ supply decisions, weekly inventory reports, demand signals from major economies and any geopolitical developments in producing regions.
Key scheduled releases on the economic calendar:
- USD Core CPI m/m on Tue Nov 10, 13:30 UTC, forecast 0.2%, previous 0.3%
- USD CPI m/m on Tue Nov 10, 13:30 UTC, forecast 0.3%, previous 0.6%
- GBP GDP m/m on Thu Nov 12, 07:00 UTC, forecast 0.0%, previous 0.1%
- USD Core PPI m/m on Fri Nov 13, 13:30 UTC, forecast 0.3%, previous 0.7%
- USD PPI m/m on Fri Nov 13, 13:30 UTC, forecast 0.4%, previous 1.3%
Follow every update in our Top 10 Breaking Market News, read Treasury yields edge higher as market players await CPI inflation data or see all of today's top market news.
FAQ
What is the latest oil prices news?
Strategists were divided on how the American administration would approach the Iran conflict following the Democrats' resounding midterm victories, with some viewing escalation as a robust possibility even with the initial market reaction suggesting hopes of a pact.
What drives oil prices?
Crude prices depend on supply from OPEC+ and other producers, global demand, inventory levels and geopolitical risk in key producing regions.
Where does this information come from?
This report is based on coverage from CNBC World, checked against market data where available. It is a summary for information only and not investment advice.
Risk warning: This article is for information only and is not investment advice. Trading forex, CFDs, stocks and crypto carries a high risk of losing money. Prices move fast – check live quotes before you trade.
