# Oil prices extend biggest weekly loss since 2020 as markets watch the course of the Iran war

> Oil extended its losses after recording its steepest weekly decline since April 2020, with Brent near $97 a barrel and WTI around $90. Traders weighed diplomatic efforts to end the Iran conflict against renewed regional attacks, while Trump described further US strikes as highly unlikely if negotiations advanced and Secretary of State Marco Rubio said Iran’s demands remained unacceptable.

- Date: 2026-11-09 · published 2026-11-09T03:08:18.547Z
- Category: geopolitics · region Middle East · magnitude low
- Page: https://feedsoft.ai/events/88514-oil-prices-extend-biggest-weekly-loss-since-2020-as-markets-watch-the-course-of
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Prospects for de-escalation reduce the risk premium and weigh on crude, while continued attacks around the region and shipping routes leave supply risks in place.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2026-05-29 | [Oil Sees Biggest Weekly Loss Since April on Iran Deal Talk](https://feedsoft.ai/events/12490-oil-sees-biggest-weekly-loss-since-april-on-iran-deal-talk.md) | +2.5% | -21.2% |
| BRENT | 2026-05-29 | [Brent oil price in May posts biggest monthly loss since 2020](https://feedsoft.ai/events/12487-brent-oil-price-in-may-posts-biggest-monthly-loss-since-2020.md) | +2.5% | -21.2% |
| BRENT | 2020-03-13 | [Crude posts biggest weekly losses since 2008, hit by coronavirus and Saudi price war](https://feedsoft.ai/events/4423-crude-posts-biggest-weekly-losses-since-2008-hit-by-coronavirus-and-saudi-price.md) | -18.6% | -21.4% |
| BRENT | 2026-05-29 | [Oil prices log steepest weekly loss since April on potential US-Iran peace deal \| The National](https://feedsoft.ai/events/12723-oil-prices-log-steepest-weekly-loss-since-april-on-potential-us-iran-peace-deal.md) | +2.5% | -21.2% |
| BRENT | 2026-04-10 | [Oil ends lower ahead of U.S.-Iran ceasefire talks, posts steepest weekly loss since 2022 \| Reuters](https://feedsoft.ai/events/6898-oil-ends-lower-ahead-of-u-s-iran-ceasefire-talks-posts-steepest-weekly-loss.md) | +0.8% | -5.5% |
| WTI | 2026-05-29 | [Oil Sees Biggest Weekly Loss Since April on Iran Deal Talk](https://feedsoft.ai/events/12490-oil-sees-biggest-weekly-loss-since-april-on-iran-deal-talk.md) | +4.6% | -23.5% |
| WTI | 2026-05-29 | [Brent oil price in May posts biggest monthly loss since 2020](https://feedsoft.ai/events/12487-brent-oil-price-in-may-posts-biggest-monthly-loss-since-2020.md) | +4.6% | -23.5% |
| WTI | 2020-03-13 | [Crude posts biggest weekly losses since 2008, hit by coronavirus and Saudi price war](https://feedsoft.ai/events/4423-crude-posts-biggest-weekly-losses-since-2008-hit-by-coronavirus-and-saudi-price.md) | -20.3% | -27.5% |

## Sources

- asharqbusiness.com: https://asharqbusiness.com/financial-markets/155100/%D8%B3%D8%B9%D8%B1-%D8%A7%D9%84%D9%86%D9%81%D8%B7-%D9%8A%D9%85%D8%AF%D8%AF-%D8%A3%D9%83%D8%A8%D8%B1-%D8%AE%D8%B3%D8%A7%D8%B1%D9%87-%D8%A3%D8%B3%D8%A8%D9%88%D8%B9%D9%8A%D8%A9-%D9%85%D9%86%D8%B0-2020-%D9%85%D8%B9-%D8%AA%D8%B1%D9%82%D8%A8-%D8%AD%D8%B1%D8%A8-%D8%A5%D9%8A%D8%B1%D8%A7%D9%86/

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