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Global oil prices drop nearly 6pc as US-Iran tension eases

Published : Tuesday, 10 November, 2026 at 1:58 PM

Observer Online Report

Symbolic Photo

Global crude oil prices experienced a sharp decline on Monday (November 9), with international benchmark Brent crude dropping by nearly 6 per cent to settle around $92 per barrel.

The price slide followed growing prospects of a diplomatic resolution to the conflict involving the United States, Israel, and Iran, alongside diminishing fears of fresh US strikes on Iranian targets.

According to Al Jazeera, the retreat in oil prices alleviated broader inflationary concerns, driving a notable rally across major international stock markets.

Data from news agency AFP indicated that Brent crude fell by 5.9 per cent on Monday to trade at $92.57 per barrel. Concurrently, US West Texas Intermediate (WTI) crude slipped by 4.4 per cent, closing at $86.85 per barrel.

The market downturn coincided with remarks from US President Donald Trump signaling a reduced likelihood of immediate military escalations against Iran, fostering expectations of a negotiated settlement between Washington and Tehran.

The sharp drop in energy costs prompted a swift recovery across equity markets following last week's losses. Reuters reported that the S&P 500 index rose by 2.35 per cent on Monday, while the tech-heavy Nasdaq Composite gained 2.74 per cent.

"The drop in oil prices definitely provided fuel to the market's rally," Ken Polcari, Chief Market Strategist at SlateStone Wealth, told Reuters.

European stock markets followed the upward trajectory, with London's FTSE 100 gaining 1 per cent, Paris's CAC 40 rising 1.2 per cent, and Frankfurt's DAX advancing 1.7 per cent.

-SA

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Editor : Iqbal Sobhan Chowdhury

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