{"id":14238,"date":"2026-11-10T14:46:16","date_gmt":"2026-11-10T14:46:16","guid":{"rendered":"https:\/\/globalnigerianews.com\/index.php\/2026\/11\/10\/oil-prices-fall-below-90-as-middle-east-peace-hopes-grow\/"},"modified":"2026-11-10T14:46:16","modified_gmt":"2026-11-10T14:46:16","slug":"oil-prices-fall-below-90-as-middle-east-peace-hopes-grow","status":"publish","type":"post","link":"https:\/\/globalnigerianews.com\/index.php\/2026\/11\/10\/oil-prices-fall-below-90-as-middle-east-peace-hopes-grow\/","title":{"rendered":"Oil prices fall below $90 as Middle East peace hopes grow\u00a0"},"content":{"rendered":"<p><span data-contrast=\"auto\">Crude oil prices fell below $90 per barrel for the first time since August, extending their recent decline as traders increased bets on a possible resolution to the Middle East conflict.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The global benchmark, Brent crude futures, dropped to $89.70 per barrel early Tuesday morning in Europe after falling almost 6% the previous day, while the US benchmark, West Texas Intermediate (WTI), traded below $85 per barrel.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The decline followed comments from US President Donald Trump that fuelled hopes for an end to Washington\u2019s nearly nine-month conflict with Iran. The oil market has sharply reversed this month, with prices retreating significantly from the six-month high reached in late October.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<h4><b><span data-contrast=\"auto\">Brent crude falls below $90<\/span><\/b><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/h4>\n<p><span data-contrast=\"auto\">Brent crude futures fell to $89.70 per barrel early Tuesday, extending losses recorded in the previous trading session. WTI crude also declined by more than 2%, trading below $85 per barrel.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The latest price movement reflects growing market expectations that diplomatic efforts could help bring the conflict to an end and reduce the risk of further disruptions to global oil supplies.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Trump said further military strikes against Iran would not be necessary, as pressure mounts on his administration to end the conflict following Republicans\u2019 defeat in the US midterm elections.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">He said on Monday that the war with Iran could end <em>\u201cfairly soon\u201d<\/em> and that Tehran was <em>\u201ctalking very politely\u201d<\/em> with Washington.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<ul>\n<li><span data-contrast=\"auto\">Speaking at the White House after meeting Qatar\u2019s Prime Minister, Sheikh Mohammed bin Abdulrahman Al Thani, Trump said: <em>\u201cWe\u2019re seeing momentum toward the end of this conflict. I think it\u2019s going to be ending fairly soon.\u201d<\/em>\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">Trump also said in a Truth Social post that Qatar, Saudi Arabia, the UAE, Bahrain and Kuwait would prefer the status quo, including maintaining a naval blockade against Iran and preventing the country from using ground routes to transport advanced weapons and other materials.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Trump and Vice President JD Vance have both acknowledged that public disapproval of the Iran war and high energy prices played a role in the Republicans\u2019 poor performance in the US midterm elections last week.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<h4><b><span data-contrast=\"auto\">Trump signals possible Iran war end<\/span><\/b><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/h4>\n<p><span data-contrast=\"auto\">Some analysts expect crude oil prices could fall further, arguing that Trump may be reluctant to resume military strikes following the Republicans\u2019 losses in the midterm elections.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">According to Bloomberg, Arne Lohmann Rasmussen, chief analyst at A\/S Global Risk Management, said the market was betting that Trump would not resume strikes after the election.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<ul>\n<li><span data-contrast=\"auto\"><em>\u201cThe market is betting Trump won\u2019t resume strikes after the midterm blue wave. Crude could fall further, but I think the biggest move is behind us,\u201d<\/em> he said.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">With the conflict now in its ninth month and pressure mounting on the Trump administration to find a way to end it, congressional Democrats are considering using the December 11 government shutdown deadline as leverage to push the president towards ending the war.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">The market appears focused on hopes that the latest diplomatic push in the Middle East, mediated by Qatar, could result in an agreement.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">However, it remains unclear whether the softer rhetoric will translate into tangible progress towards ending the war started by the US and Israel. Political uncertainty has also deepened after Israeli Prime Minister Benjamin Netanyahu lost his parliamentary majority last month.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<ul>\n<li><span data-contrast=\"auto\">An official familiar with the matter said negotiations would continue and that there would likely be no military escalation while the talks were ongoing.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">During the meeting with Qatar\u2019s prime minister, the US signalled that maintaining the diplomatic status quo and applying economic pressure on Iran offered the best route to resolving the conflict, the official said.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<ul>\n<li><span data-contrast=\"auto\">Tehran has insisted that Washington end its naval blockade of the country\u2019s ports and lift sanctions, while the US has pressed Iran to stop attacking vessels in the Strait of Hormuz and make concessions over its nuclear programme.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">Despite attacks on ships, oil continues to leave the region. A wave of Strait of Hormuz crossings over the past couple of months has brought overall oil shipments from the Middle East close to pre-war levels. Saudi shipping firm Bahri also said on Tuesday that it was sending some tankers through the waterway in coordination with the US military.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<h4><b><span data-contrast=\"auto\">What you should know<\/span><\/b><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/h4>\n<p><span data-contrast=\"auto\">About a week ago, <\/span><a href=\"https:\/\/nairametrics.com\/2026\/11\/02\/oil-prices-plunge-over-4-as-hopes-of-us-iran-war-deal-rise\/\"><span data-contrast=\"none\">oil prices fell<\/span><\/a><span data-contrast=\"auto\"> by more than 4% as hopes of a diplomatic agreement to end the US-Israeli war on Iran eased concerns about further disruptions to global crude supplies.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Checks by Nairametrics showed that Brent crude dropped by 4.5% to $118.30 per barrel at the time of reporting, while US West Texas Intermediate crude declined by 4.37% to $99.57 per barrel.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The decline followed a third consecutive day of talks involving Iranian and Qatari officials aimed at advancing negotiations to end the conflict, which had heightened concerns about global oil supplies and shipping through the Middle East.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The earlier price movement also reflected expectations that diplomatic efforts could prevent another escalation of the conflict, although uncertainty surrounding the Middle East continued to influence oil market movements.<\/span><\/p>\n<p>Source: <\/p>\n<div class=\"nSourse\">Nairametrics<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Crude oil prices fell below $90 per barrel for the first time since August, extending their recent decline as traders increased bets on a possible resolution to the Middle East&hellip; <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-14238","post","type-post","status-publish","format-standard","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts\/14238","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/comments?post=14238"}],"version-history":[{"count":0,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts\/14238\/revisions"}],"wp:attachment":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/media?parent=14238"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/categories?post=14238"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/tags?post=14238"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}