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Brent crude fell nearly 3% to $89.66 a barrel, its lowest level since August 31. The decline followed a nearly 6% drop on Monday, after Trump played down the need for further military action against Iran.
Reduced expectations of further conflict lower the risk premium in crude and may ease fuel and freight costs for agricultural supply chains. The price effect is bearish for oil.
theguardian.comJulia KolleweNov 10, 2026After 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.
