Oil prices slip on US-Iran peace hopes, Brent set for weekly gain

October 09, 2026 (MLN): Oil prices declined on Friday as hopes of progress in diplomatic efforts between the United States and Iran eased concerns over potential supply disruptions in the Middle East.

Currently, Brent crude futures is down, 0.01%, at $102.90 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures is down by $0.02, or 0.02%, to $90.39 per barrel by [10:00 am] PST.

US President Donald Trump said Washington would not launch an attack on Iran before the November 3 midterm congressional elections, citing productive discussions aimed at ending the conflict. The remarks followed reports that the US administration had been considering military action before the elections.

Despite Friday’s decline, Brent crude remained on course for a weekly increase after settling nearly 4% higher on Thursday amid intensified attacks on vessels transporting crude from the Middle East earlier in the week.

Meanwhile, West Texas Intermediate (WTI) was set for a modest weekly loss despite disruptions to US oil production caused by an approaching hurricane, according to Reuters.

Iran’s Tasnim news agency reported that Foreign Minister Abbas Araqchi said Tehran was reviewing Washington’s response to an Iranian proposal to reopen the Strait of Hormuz within seven days.

The United States has continued to apply economic pressure on Iran as the conflict enters its eighth month. On Thursday, Washington announced fresh sanctions against individuals, networks and 17 vessels allegedly involved in transporting Iranian crude oil, petroleum products and petrochemicals.

Market volatility has intensified in October amid growing threats to shipping through the Gulf and the Strait of Hormuz, a critical energy transit route that handled approximately 20% of global oil and fuel shipments before the war.

Meanwhile, Hurricane Isaias has disrupted oil production in the Gulf of Mexico. According to the US Marine Minerals Administration, producers had shut down approximately 1.3 million barrels per day of oil output as of Thursday, equivalent to 62.9% of current production in the affected region.

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