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Source: Newsmaker.id
Global oil prices weakened again in trading on Tuesday (November 10, 2026), marking their lowest close in over two months after United States (US) officials eased concerns regarding the possibility of further military strikes against Iran.
Brent crude futures fell 1.2%, or US$1.08, to US$91.49 per barrel, while West Texas Intermediate (WTI) declined 0.9% to US$86.04 per barrel. Both benchmarks recorded their lowest closing levels since August 31 for the second consecutive session, remaining in technically "oversold" territory.
Downward pressure on prices intensified after US Secretary of State Marco Rubio stated that economic sanctions and a naval blockade against Iran had already proven effective, rendering further large-scale military operations by Washington unnecessary. This remark was made during a G7 foreign ministers' meeting in Paris, following President Donald Trump’s decision to hold off on new strikes—a move prompted by requests from several Middle Eastern nations, including Qatar. Nevertheless, oil prices managed to recover some ground after a senior Iranian security official, Mohsen Rezaei, declared that no negotiations are currently taking place between Tehran and Washington.
Tim Waterer, an analyst at KCM Trade, noted that the market remains focused on President Trump’s apparent openness to de-escalating the conflict following the US midterm elections. However, the lack of concrete negotiations means that geopolitical risks continue to loom over the energy market. Oil prices are expected to remain sensitive to developments in the relationship between Washington and Tehran, the effectiveness of sanctions against Iran, and the potential for supply disruptions in the Middle East.
Source: Newsmaker.id