# Race to the bottom begins as Middle East producers drop crude prices

> Middle East oil producers are cutting crude prices to attract buyers as exports through the Strait of Hormuz recover. Brent fell more than 17% last week to around $97 per barrel, while the article points to constrained demand and the prospect of a crude glut.

- Date: 2026-11-09 · published 2026-11-09T15:17:18.827Z
- Category: trade · region Middle East · magnitude medium
- Page: https://feedsoft.ai/events/89770-race-to-the-bottom-begins-as-middle-east-producers-drop-crude-prices
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Lower producer prices and recovering export flows intensify competition for buyers and add to oversupply concerns, putting downward pressure on crude benchmarks. Depleted inventories and limited refining capacity may temper the impact.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2019-05-31 | [Crude oil prices tumble to 3-month low \| Fox Business](https://feedsoft.ai/events/9890-crude-oil-prices-tumble-to-3-month-low-fox-business.md) | -6.9% | +4.9% |
| WTI | 2018-04-03 | [MARKET WATCH: NYMEX, Brent crude prices drop on US-China trade tensions \| Oil & Gas Journal](https://feedsoft.ai/events/10844-market-watch-nymex-brent-crude-prices-drop-on-us-china-trade-tensions-oil-and.md) | +0.6% | +8.8% |
| WTI | 2019-05-29 | [Oil prices drop as trade war worries outweigh supply disruptions](https://feedsoft.ai/events/9886-oil-prices-drop-as-trade-war-worries-outweigh-supply-disruptions.md) | -9.3% | -2.2% |
| WTI | 2025-04-03 | [Palm opens lower on weaker rival oils, crude oil prices](https://feedsoft.ai/events/9626-palm-opens-lower-on-weaker-rival-oils-crude-oil-prices.md) | -13.1% | -16.5% |
| WTI | 2025-04-06 | [Oil prices slide 2% to near 4-year low as US trade conflict fuels recession fears \| Reuters](https://feedsoft.ai/events/6318-oil-prices-slide-2-to-near-4-year-low-as-us-trade-conflict-fuels-recession.md) | -0.8% | -6.8% |
| BRENT | 2019-05-31 | [Crude oil prices tumble to 3-month low \| Fox Business](https://feedsoft.ai/events/9890-crude-oil-prices-tumble-to-3-month-low-fox-business.md) | -8.8% | -2.2% |
| BRENT | 2018-04-03 | [MARKET WATCH: NYMEX, Brent crude prices drop on US-China trade tensions \| Oil & Gas Journal](https://feedsoft.ai/events/10844-market-watch-nymex-brent-crude-prices-drop-on-us-china-trade-tensions-oil-and.md) | +0.1% | +10.6% |
| BRENT | 2019-05-29 | [Oil prices drop as trade war worries outweigh supply disruptions](https://feedsoft.ai/events/9886-oil-prices-drop-as-trade-war-worries-outweigh-supply-disruptions.md) | -10.5% | -6.4% |

## Sources

- bairdmaritime.com: https://www.bairdmaritime.com/shipping/tankers/opinion-race-to-the-bottom-begins-as-middle-east-producers-drop-crude-prices-to-compete-for-buyers

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