Oil Falls as Trump Calls New Iran Strikes ‘Highly Unlikely’
Brent crude slipped 0.75% to $97.58 a barrel in early Monday trade after President Donald Trump told CNN renewed US attacks on Iran are 'highly unlikely' while talks progress. Oil had already tumbled more than 16% the previous week.
Oil prices fell in early Asian trade on Monday, November 9, 2026, as oil falls on President Donald Trump's remarks that new US attacks on Iran are "highly unlikely" while negotiations progress. January Brent futures dropped 0.75% to $97.58 a barrel by 00:02 GMT.
That extends a steep slide. Brent tumbled more than 16% in the prior week.
What Trump said
Trump gave a 20-minute phone interview to CNN's Jim Sciutto on Sunday. He said the answer to whether more strikes would be needed is "highly unlikely", provided Iran signs what he called a very strong agreement on its nuclear program and the reopening of the Strait of Hormuz.
He also kept the threat alive. "We're ready for it," Trump said, adding that he has three aircraft carriers in the region that are "fully locked and loaded." He said the US has 38 bridges in its sights that it could knock down "in literally one hour."
Trump said he would rather not do that. "It'll take 10 years to rebuild them," he said.
Why traders reacted
Oil dropped last week after Democrats won both chambers of Congress in Tuesday's midterm elections. Traders bet that lawmakers would press Trump to end the Iran conflict, which began in late February and has left the two sides in a stalemate.
The Strait of Hormuz, a key shipping lane for Middle East crude, remains at least partly blockaded. Oil tankers passing through it have come under Iranian attack.
Trump also posted on social media that "Task Force Iron Gate is in full force and effect" in Iran, aimed at curbing trade in advanced weapons and sanctioned materials through land borders and the Caspian Sea. "Very little gets into, or out of, Iran," he wrote.
Diplomacy and risks
Secretary of State Marco Rubio struck a cooler note before leaving for a G7 foreign ministers meeting in Paris. "I wouldn't say we're on the verge of a breakthrough," he told reporters in Florida, calling some Iranian demands "outrageous and ridiculous."
Qatar, which is mediating, denied rumors that the talks are failing. Iranian Foreign Minister Abbas Araghchi said Tehran is waiting to see how long Washington takes to "digest" the midterm results.
Regional tension persists. Iran-backed Houthi rebels were seen attempting to attack Saudi oil giant Aramco's corporate office in Riyadh on Sunday, according to Investing.com.
