Brent crude, the international benchmark, dropped more than 5% to $93.32 a barrel
Oil prices drop more than 5% amid hopes for US-Iran deal
Mon, Nov. 9, 2026
Global oil prices fell sharply on Monday as diplomatic efforts intensified to end the war between the United States and Iran, raising hopes of a potential settlement that could ease geopolitical tensions.
Brent crude, the international benchmark, dropped more than 5% to $93.32 a barrel.
U.S. West Texas Intermediate (WTI), the main U.S. benchmark, declined 4.5% to $86.75 a barrel.
The decline comes as markets await the outcome of ongoing diplomatic efforts to end the conflict, with the prospect of an agreement potentially easing concerns over global energy supplies and oil market stability.
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