Trending
Oil
Source: Newsmaker.id
Brent crude oil prices slipped below US$90 per barrel during trading on Tuesday (November 10, 2026), reaching their lowest level since August. The global benchmark fell by as much as 3.6% before recovering some of its losses. This decline was driven by growing investor optimism that the conflict between the United States (US) and Iran might be resolved through diplomatic channels, thereby easing concerns regarding disruptions to global energy supplies.
Hopes for a resolution to the conflict rose after US President Donald Trump stated that further military strikes against Iran were no longer necessary. This remark came amid political pressure following the Republican Party's defeat in the US midterm elections. Meanwhile, a meeting at the White House between President Trump and Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani further focused market attention on the potential for progress in negotiations between the two nations.
The drop in oil prices was also supported by improved energy distribution from the Middle East. Shipping activity through the Strait of Hormuz has increased in recent months, bringing oil shipment volumes back toward pre-conflict levels. The Saudi Arabian shipping company, Bahri, also reported the transit of several tankers through the strait, coordinated with the US military. These developments have helped alleviate market fears regarding a potential oil supply shortage.
Nevertheless, geopolitical risks have not entirely subsided. Attacks on vessels in the Strait of Hormuz continue, and Saudi Arabia’s major East-West oil pipeline was reportedly targeted in an attack that sparked a fire. Tensions also remain high following limited strikes by the US on Iran’s Qeshm Island. These developments indicate that restoring security in the region remains challenging, even as diplomatic efforts continue.