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WTI fell to around $89.60 after President Donald Trump said further US strikes on Iran were highly unlikely if negotiations make progress. Iraq also said it had reached understandings with the United States to resume oil exports through the Strait of Hormuz, while US officials cautioned that Iran’s negotiating demands remain unacceptable.
Reduced expectations of military escalation and the prospect of renewed flows through Hormuz ease concerns about supply disruption, putting downward pressure on crude prices.
fxstreet.comAkhtar FaruquiNov 9, 2026After 255 past bearish geopolitics events, Crude Oil (WTI) moved a median -2.4% over 5 sessions (31% higher; middle half -7.0% to +1.7%), and -5.0% over 20.
After 250 past bearish geopolitics events, Crude Oil (Brent) moved a median -3.1% over 5 sessions (36% higher; middle half -7.9% to +1.6%), and -5.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
