Oil Prices: Crude Holds Steady as Trump Signals No Fresh Iran Strikes

NEW DELHI/PERTH, November 9, 2026 — Oil prices remained broadly steady on Monday after US President Donald Trump played down the likelihood of fresh strikes on Iran, although attacks on ships near the Strait of Hormuz continued to raise concerns over global supplies.

Brent crude futures edged up 3 cents to $98.35 per barrel by 0427 GMT, while US West Texas Intermediate (WTI) crude rose 0.5 per cent to $91.30 per barrel.

The stability followed a sharp decline last week, when Brent crude dropped 16 per cent, marking its steepest weekly fall since the start of the COVID-19 pandemic.

Sugandha Sachdeva, founder of New Delhi-based research firm SS WealthStreet, said geopolitical risks remained high despite growing optimism over a possible diplomatic breakthrough.

She warned that renewed military escalation remained a possibility, adding that markets appeared to be pricing in an optimistic outcome even though Washington and Tehran had yet to reach a comprehensive agreement.

Trump said on Sunday that he was highly unlikely to order further attacks on Iran as long as negotiations to end the conflict continued to progress. However, both countries reported attacks on shipping in or around the Strait of Hormuz.

The president had previously suggested that military action against Iran could resume after last week’s US midterm elections. However, no large-scale US military operation has emerged so far. Iran has warned that it would retaliate by targeting US and Israeli interests.

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Tim Waterer, chief analyst at KCM Trade, described Trump’s latest comments as more measured but said investors were waiting to see whether the election results would bring a lasting change in the president’s approach or merely a temporary shift in tone.

Despite the geopolitical uncertainty, expectations of an oversupply have also weighed on the oil market.

JPMorgan said in a report on Friday that recovering Middle Eastern oil flows, rising production elsewhere and weaker demand had pushed global oil supply above consumption.

The bank estimated that the market recorded a surplus of 1.1 million barrels per day in September, with the excess expected to widen to 1.4 million barrels per day in October.

Meanwhile, geopolitical tensions continued to threaten regional infrastructure. Yemen’s Houthi movement claimed responsibility for an attack on Saudi Aramco’s offices in Riyadh on Sunday. The incident reportedly shattered windows at the building, but caused no reported casualties.