Oil extends losses, trades near $92 on hopes of easing Iran tensions

November 10, 2026 (MLN): Oil prices slipped on Tuesday, extending the previous session’s decline, as easing concerns over further U.S. military action against Iran reduced fears of prolonged disruptions to energy supplies from the Middle East.

Currently, Brent crude futures is down, 0.83%, at $91.80 per barrel.

West Texas Intermediate (WTI) crude futures is down by $1.02, or 0.89%, to $85.96 per barrel by [09:18 am] PST.

U.S. President Donald Trump said Washington does not consider additional military strikes against Iran necessary “at this point,” indicating a temporary halt to further attacks following appeals from regional countries, including Qatar, during discussions at the White House.

However, Trump said the U.S. naval blockade in the Strait of Hormuz would remain in place, maintaining pressure on a key global energy shipping route, according to CNBC.

Market sentiment has increasingly responded to Trump's softer stance toward Tehran, with investors viewing the possibility of avoiding further military escalation as a factor limiting oil prices, according to Tim Waterer, chief market analyst at KCM Trade.

Waterer noted that although shipping-related attacks near the Strait of Hormuz have continued, the situation has not deteriorated sufficiently to trigger another significant risk premium in oil markets.

Nevertheless, prospects for an immediate diplomatic breakthrough remain uncertain, as senior U.S. and Gulf officials have questioned the likelihood of a near-term agreement between Washington and Tehran.

Iranian security council chief Mohsen Rezaei dismissed reports of potential negotiations, urging Washington to stop spreading what he described as fabricated reports about imaginary talks and calling on the U.S. to accept Iran's seven conditions.

On the supply front, OPEC's crude oil production increased in October, according to a Reuters survey, with higher output from Saudi Arabia, Kuwait and Iraq leading the rise despite ongoing export limitations.

Meanwhile, diplomatic developments elsewhere could also influence market sentiment, as Russian and Ukrainian officials were scheduled to begin two days of U.S.-brokered discussions on Tuesday.

The meetings mark their first negotiations since February, following Trump's suggestion that a broader settlement to the prolonged conflict could be within reach and potentially include Europe's security arrangements.

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