# Oil prices extend biggest weekly decline since 2020 as Brent falls towards $97

> Brent crude fell toward $97 per barrel on Monday after dropping more than 16% the previous week, while WTI traded around $91. Hopes for a diplomatic resolution to the US-Iran conflict eased concerns about supply disruptions, although conflicting signals from US officials kept uncertainty in the market.

- Date: 2026-11-09 · published 2026-11-09T09:21:57.403Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/89246-oil-prices-extend-biggest-weekly-decline-since-2020-as-brent-falls-towards-97
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Reduced perceived risk of disruption to Middle Eastern oil supplies is weighing on crude prices. A breakdown in diplomacy or renewed escalation could reverse some of the decline.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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 | 2022-03-11 | [Oil settles up but posts biggest weekly decline since Nov \| Reuters](https://feedsoft.ai/events/5783-oil-settles-up-but-posts-biggest-weekly-decline-since-nov-reuters.md) | -1.7% | -10.5% |
| 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 | [Oil prices on track for steepest monthly fall since 2020 \| Oil \| The Guardian](https://feedsoft.ai/events/12721-oil-prices-on-track-for-steepest-monthly-fall-since-2020-oil-the-guardian.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% |
| 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 | 2022-03-11 | [Oil settles up but posts biggest weekly decline since Nov \| Reuters](https://feedsoft.ai/events/5783-oil-settles-up-but-posts-biggest-weekly-decline-since-nov-reuters.md) | -2.8% | -9.4% |
| 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% |

## Sources

- nairametrics.com: https://nairametrics.com/2026/11/09/oil-prices-extend-biggest-weekly-decline-since-2020-as-brent-falls-towards-97/

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