# Breaking: Oil loses 17% in a week, with Brent near $98 as markets await Iran de-escalation

> Brent settled at $98.32 a barrel and WTI at $90.83 after both benchmarks recorded steep weekly losses; Brent fell about 17% and WTI about 13%. Hopes for a US-Iran de-escalation and concerns about weak global demand and ample supply weighed on prices, while attacks on vessels and tanker-route security risks limited the decline.

- Date: 2026-11-08 · published 2026-11-08T18:08:11.912Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/87745-breaking-oil-loses-17-in-a-week-with-brent-near-98-as-markets-await-iran-de
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Reduced geopolitical risk and ample supply put downward pressure on crude prices, while Gulf shipping threats provide some support. Lower crude prices can ease energy and transport costs for feed buyers.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2025-06-23 | [Oil prices tumble as Iran signals de-escalation with limited missile attack \| AP News](https://feedsoft.ai/events/9613-oil-prices-tumble-as-iran-signals-de-escalation-with-limited-missile-attack-ap.md) | -11.9% | -9.9% |
| BRENT | 2026-02-02 | [Oil prices fall nearly 5%, below $62/bbl on US‑Iran de‑escalation - The Economic Times](https://feedsoft.ai/events/8801-oil-prices-fall-nearly-5-below-62-bbl-on-us-iran-de-escalation-the-economic.md) | -3.1% | +0.6% |
| BRENT | 2026-02-01 | [Oil settles down over 4% on US-Iran de-escalation, easing supply worries \| Reuters](https://feedsoft.ai/events/8794-oil-settles-down-over-4-on-us-iran-de-escalation-easing-supply-worries-reuters.md) | -3.1% | +0.6% |
| BRENT | 2024-11-26 | [​Brent crude oil, silver and wheat prices drop on Middle East de-escalation​ \| Levels to Watch \| IG International](https://feedsoft.ai/events/11779-brent-crude-oil-silver-and-wheat-prices-drop-on-middle-east-de-escalation.md) | -1.8% | -1.7% |
| BRENT | 2026-05-06 | [Brent Crude Price: Oil and gas plunge after report US and Iran near deal to end war](https://feedsoft.ai/events/9582-brent-crude-price-oil-and-gas-plunge-after-report-us-and-iran-near-deal-to-end.md) | -2.3% | -11.1% |
| WTI | 2025-06-23 | [Oil prices tumble as Iran signals de-escalation with limited missile attack \| AP News](https://feedsoft.ai/events/9613-oil-prices-tumble-as-iran-signals-de-escalation-with-limited-missile-attack-ap.md) | -12.2% | -9.7% |
| WTI | 2026-02-02 | [Oil prices fall nearly 5%, below $62/bbl on US‑Iran de‑escalation - The Economic Times](https://feedsoft.ai/events/8801-oil-prices-fall-nearly-5-below-62-bbl-on-us-iran-de-escalation-the-economic.md) | -1.6% | +9.9% |
| WTI | 2026-02-01 | [Oil settles down over 4% on US-Iran de-escalation, easing supply worries \| Reuters](https://feedsoft.ai/events/8794-oil-settles-down-over-4-on-us-iran-de-escalation-easing-supply-worries-reuters.md) | -1.6% | +9.9% |

## Sources

- alnaharegypt.com: https://www.alnaharegypt.com/1203693

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.