WTI Crude Drops 4.4% and Brent Plunges 5.9% as Trump Signals No New Iran Strikes

Oil prices suffered sharp losses on November 9, 2026, as diplomatic optimism around the U.S.-Iran conflict drove traders to unwind war-risk premiums built into crude. NYMEX WTI December futures settled at $86.85 a barrel, down $3.98 or 4.38%, while Brent crude settled at $92.57 a barrel, down $5.75 or 5.85%, the steeper decline reflecting the global benchmark's greater sensitivity to Middle East supply risk.

The selloff was driven by signals from President Donald Trump that further U.S. military strikes against Iran were highly unlikely while diplomatic negotiations continued. That commentary, described by analysts as more measured than his prior posture, prompted markets to price out a portion of the geopolitical premium accumulated during weeks of conflict. The move extended what was already the crude market's biggest weekly decline since April 2020, with Brent having lost more than 16% over the prior week.

Attacks on shipping near the Strait of Hormuz continued even as talks progressed, leaving traders uncertain whether Trump's restraint would hold beyond the immediate diplomatic window.