Brent Crude Falls Below $90 a Barrel as Trump Says Iran War Is 'Effectively Over'

Summary

Brent crude fell below $90 a barrel on Tuesday for the first time since August, after US President Donald Trump said further strikes on Iran would not be necessary. Brent fell nearly 3% to $89.66, its lowest level since 31 August, following a near 6% drop on Monday on signs the conflict might be nearing an end. Trump downplayed the need for military action against Iran at this point and said the war was 'effectively over'. Falling crude prices supported a recovery in global stocks from last week's sell-off, and the FTSE 100 and other stock markets climbed in response.

Timeline

1. Bloomberg

   10 Nov 2026, 08:57 UTCSource ↗

   Bloomberg reports that Brent crude fell below $90 a barrel for the first time since August after US President Donald Trump said further strikes on Iran would not be necessary.

2. Financial Times

   10 Nov 2026, 10:08 UTCSource ↗

   The Financial Times reports that oil fell below $90 as Trump pulled back from a threat to strike Iran, and that falling crude prices supported a recovery in global stocks from last week's sell-off.

3. The Guardian

   10 Nov 2026, 10:28 UTCSource ↗

   The Guardian reports that Brent fell nearly 3% to $89.66, its lowest since 31 August, after Trump downplayed the need for military action against Iran and said the war was 'effectively over', with stock markets climbing.