The price of oil fell below 90 dollars following Iran's offer, viewed as a move concerning the Strait of Hormuz

Oil prices fell on Tuesday, November 10, 2026, with Brent crude temporarily dropping below the $90 threshold for the first time since August. The move was driven by easing concerns about a new military escalation between the United States and Iran and by the reduced risk of major disruptions to crude oil supplies from the Middle East.

U.S. President Donald Trump said he did not consider new military action against Iran necessary “at this time,” although he stated that the United States remained prepared to intervene. The comments contributed to the decline in prices, as crude oil flows from the Gulf, including those bypassing the Strait of Hormuz, approached prewar levels.

Brent crude for January delivery fell as low as $89.66 a barrel before recovering to $90.48, down 2.26%. U.S. West Texas Intermediate crude fell 2.08% to $85.04 a barrel.

Brent has lost approximately 22% from the $118 peak reached on October 30. Analysts warn, however, that risks to maritime transport persist and forecast an average price of around $77 a barrel in 2027 if no major disruptions occur.