Brent slides toward $95 on unconfirmed Iran concessions report
Commodities
Monday, November 9, 2026
- Updated Nov 9, 2026 07:06
Brent crude fell more than 3 percent to trade near 95 dollars a barrel on Monday, extending last week's 16 percent drop, after Bloomberg reported without confirmation that Iran had made concessions on its demands over the Strait of Hormuz.
Why it matters: Oil is pricing a de-escalation that no agreement has yet delivered, while ships are still being hit near Hormuz and Tehran has not confirmed any change in its demands.
Data as of Bloomberg report of November 9, 2026, read via the estate browser route; only the opening portion was accessible behind the paywall, and it names no source for the concessions claim and no official confirmation, so that claim is carried as unconfirmed. Reuters report of November 9, 2026, carried by Business Day and read in full in this run, for the morning price levels, President Trump's Sunday remarks and the JPMorgan surplus estimates. Developing item.
Brent crude fell 1.5 percent to $96.91 a barrel by 0629 GMT on Monday, with West Texas Intermediate down 1 percent to $89.85, after President Donald Trump said on Sunday that he was unlikely to order fresh attacks on Iran as long as talks to end the conflict progressed, Reuters reported. Bloomberg later reported Brent down more than 3 percent to trade near $95 a barrel, extending its biggest weekly drop since April 2020, on an unconfirmed report that Iran had made concessions on its demands over the Strait of Hormuz; Bloomberg named no source for the claim in the portion read, and no Iranian or US official has confirmed it.
The fall extends a 16 percent drop last week, the steepest since the start of the Covid-19 pandemic, and it comes while both sides still report shipping hit in or near the strait and no agreement has been reached. JPMorgan estimates global supply ran above demand by 1.1 million barrels a day in September and 1.4 million barrels a day in October, a surplus that adds to the downward pressure if the strait reopens.
Sources
- Oil Falls on Unconfirmed Report That Iran Eased Hormuz Demands - Bloomberg - 2026-11-09
- Oil falls as Trump signals restraint on Iran amid fresh Hormuz shipping attacks - Reuters, via Business Day - 2026-11-09