Oil falls as Trump downplays prospect of escalation with Iran

Economic Times - Nov 10, 2026

Oil prices fell due to President Trump's announcement regarding US military action against Iran, easing supply concerns. Brent crude futures dropped to $92.33 per barrel while WTI futures reached $86.50. Trump stated he would maintain a naval blockade in the Strait of Hormuz temporarily. OPEC's oil output increased in October, supported by higher production from Saudi Arabia and Kuwait.

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