Brent crude fell below $90 a barrel on Tuesday, 10 November 2026, for the first time since August, as hopes of an end to the war in Iran eased fears of prolonged supply disruption. The global oil benchmark dropped to $89.70 in early European trading, extending a slide that has wiped about a quarter off prices in less than two weeks.

OilPrice.com reported that front-month Brent futures fell by more than 2% in early trade, while the US benchmark, West Texas Intermediate, traded below $85 a barrel. Reuters put the Brent decline at 3.6% in morning trading, confirming the first move under $90 since August.

Trump signals no further strikes on Iran

The fall follows comments from US President Donald Trump, who said the war with Iran could end fairly soon and that further military strikes would not be necessary while talks continue. A diplomatic push mediated by Qatar has raised hopes of an agreement to end the eight-month-old conflict, and traders have steadily unwound the war premium built into oil prices since the fighting escalated.

The retreat has been steep. Brent settled 5.9% lower on Monday at $92.57 a barrel, after tumbling 17% last week in its biggest weekly decline since the market turmoil of 2020. Brent has now fallen about 25% from its late-October peak above $117 a barrel, according to Ole Hansen, head of commodity strategy at Saxo Bank.

Cheaper oil eases inflation fears

For consumers and central banks, the slide brings relief. Lower oil prices ease inflation pressure ahead of US consumer price data due later on Tuesday, and in the United States regular petrol now averages $3.98 a gallon, down from $4.37 a month ago.

London's energy shares felt the pressure, with the FTSE 100 energy sector falling 2.2% as Brent slipped. Shell fell 1.5% and BP was down 1.8% in morning trading, even as the wider FTSE 100 edged higher on gains in banks and defence stocks.

Not all risks have faded. Houthi forces continue to target Saudi energy infrastructure, with the latest attack striking the East-West pipeline. Saudi Arabia's energy ministry said the attack caused a limited fire, which was extinguished. Markets will now watch for fresh signals from Washington and Tehran on whether the diplomatic opening can produce a durable deal.