Crude oil loses ground on renewed US-Iran agreement hopes, but a concrete breakthrough is not in sight yet

On the oil prices front, crude oil came under renewed pressure yesterday following we got some positive headlines that rose hopes for a US-Iran pact, according to investingLive. Meetings between Trump, Vance and the Qatari PM were positive, and they discussed ways to progress negotiations with Iran, it was reported.

Key points

• The sellers, on the other hand, will look for a break to increase the bearish expectations into the 68.00 support next.
• We have a minor downward trendline acting as resistance on the 1 hour chart.
• A concrete breakthrough in negotiations would trigger a sizeable selloff and take oil prices back to pre-war levels relatively swiftly.
• We get the latest US Jobless Claims figures on Thursday.
• An escalation, on the other hand, could trigger another rally on an increasing risk premium.

Inside the Oil prices story

Keep in mind that US military strikes stay an option as Trump could consider limited strikes against Iranian nuclear facilities not broader attacks on energy infrastructure. A concrete breakthrough in negotiations would trigger a sizeable selloff and take oil prices back to pre-war levels relatively swiftly. An escalation, on the other hand, could trigger another rally on an increasing risk premium, though there's also a probability that it could be short-lived if Trump launches limited strikes just to save face before exiting the war.

The sellers, on the other hand, will look for a break to increase the bearish expectations into the 68.00 support next. We have a minor downward trendline acting as resistance on the 1 hour chart.

We get the latest US Jobless Claims figures on Thursday.

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

On the currency side, the latest ECB daily reference rates (2026-11-09) show EUR/USD 1.1193, GBP/USD 1.3416, AUD/USD 0.6894, NZD/USD 0.5613, USD/JPY 157.95, USD/CHF 0.8187, USD/CAD 1.4103, USD/CNY 6.6728. These are reference fixes, not live quotes.

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 Forex News Today, read Fed's Waller states a half-point tightening move in December may be needed if Core CPI comes in hot or see all of today's top market news.

FAQ

What is the latest oil prices news?

Crude oil came under renewed pressure yesterday following we got some positive headlines that rose hopes for a US-Iran 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 investingLive, checked against market data where available. It is a summary for information only and not investment advice.