# Iran De-escalation Cut Brent-WTI Spread to $7.06, Underpricing Supply Risk

> The Brent-WTI spread narrowed to $7.06 on November 9, down from $14.12 on October 27, after President Trump said renewed strikes on Iran were highly unlikely as negotiations progressed. The article also cites an estimated global oil surplus and falling US crude inventories, while warning that renewed Strait of Hormuz disruption could restore a risk premium.

- Date: 2026-11-09 · published 2026-11-09T15:23:53.023Z
- Category: geopolitics · region Middle East · magnitude medium
- Page: https://feedsoft.ai/events/89810-iran-de-escalation-cut-brent-wti-spread-to-7-06-underpricing-supply-risk
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Reduced expectations of Gulf shipping disruption lower the geopolitical premium on crude, while the reported global surplus adds downside pressure. Renewed disruption could reverse that effect and lift oil prices, affecting fuel and freight costs for feed buyers.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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% |
| WTI | 2021-04-01 | [OPEC Supply Rises as Iran Rebound Complicates Balancing Task - Bloomberg](https://feedsoft.ai/events/47510-opec-supply-rises-as-iran-rebound-complicates-balancing-task-bloomberg.md) | +0.7% | +9.8% |
| 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 | 2026-05-06 | [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) | +0.0% | -5.8% |
| 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% |
| 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 | 2021-04-01 | [OPEC Supply Rises as Iran Rebound Complicates Balancing Task - Bloomberg](https://feedsoft.ai/events/47510-opec-supply-rises-as-iran-rebound-complicates-balancing-task-bloomberg.md) | -1.4% | +7.7% |

## Sources

- cruxinvestor.com: https://www.cruxinvestor.com/posts/iran-de-escalation-cut-brent-wti-spread-to-7-06-underpricing-supply-risk

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