Published by Global Banking & Finance Review

Posted on November 8, 2026

· Last updated: November 8, 2026

Oil Prices Slide as Trump Deems Fresh Iran Attacks Unlikely Amid Talks

Market Reaction to US-Iran Tensions and Trump’s Statements

By Helen Clark

Oil Price Movements Following Trump’s Comments

PERTH, Nov 9 (Reuters) - Oil prices fell at Monday's open after US President Donald Trump said he was highly unlikely to order fresh attacks on Iran as long as talks to end the conflict progress, even as both countries reported that shipping had been hit in or near the Strait of Hormuz.

Brent was down 64 cents, or 0.64%, to $97.67 a barrel by 1134 GMT while West Texas Intermediate (WTI) fell 35 cents, or 0.40%, to $90.51 a barrel.

Brent briefly fell over $1 a barrel.

Trump’s Position on Iran and Potential Military Action

"It depends on whether or not they sign a very strong agreement," Trump told CNN in a phone interview. "The answer is, highly unlikely it's going to be necessary."

Trump had hinted at renewing major attacks on Iran ​after ⁠last week's US midterm elections, but there has been no sign of a large-scale US military operation. Iran has said it would respond by striking US and Israeli targets.

(Reporting by Helen Clark; Editing by Nia Williams)

Key Takeaways

  • Trump’s comment—‘highly unlikely’ to order new Iran strikes if talks yield a strong agreement—pulled back fears of immediate escalation and helped weigh on oil prices. (investing.com)
  • Tensions remain, as both Iran and the U.S. reported recent shipping incidents in or near the strategic Strait of Hormuz, a key artery for global oil flows. (ca.marketscreener.com)
  • The market reaction mirrors prior patterns: when Trump signaled no pre-election attacks in early October, oil also slipped as supply concerns eased. (investing.com)

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