Crude oil prices extended their slide on Tuesday after US President Donald Trump ruled out imminent new military strikes on Iran following talks with Qatar.

Published 10 Nov 2026, 07:28 GMT

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Global oil prices fell for a second day on Tuesday, November 10, after US President Donald Trump said the war with Iran "militarily is effectively over" and further US strikes were "highly unlikely".

Brent crude futures dropped 70 cents, or 0.75 per cent, to US$91.88 a barrel by 02:46 GMT on Tuesday after sliding 5.85 per cent on Monday to their lowest level since August 31.

US West Texas Intermediate crude fell 78 cents, or 0.90 per cent, to US$86.07 a barrel, leaving Brent roughly 22 per cent below its October 30 six-month peak of US$118.

"We're just keeping it the status quo," Trump told reporters. "And we're doing that really at the behest of countries that are their neighbours."

Trump said the US naval blockade of Iranian ports in the Strait of Hormuz would remain to protect Gulf partners. He warned that US forces were "locked and loaded" should conditions change.

"We have some great allies there and we have to make sure they're not hurt," he said.

On X, Sheikh Mohammed described his talks with Trump and US Vice President JD Vance as "positive discussions" focused on "reaching a deal and bringing peace to the region".

On Monday, Republican Representative Thomas Massie also sought a House vote to impeach US Defence Secretary Pete Hegseth.

Eurasia Group senior analyst Gregory Brew wrote in a note that Brent is unlikely to fall below US$90 a barrel without a durable US-Iran deal, as shipping risks in the Strait of Hormuz persist.

Araba IncoomAraba Incoom writes on multiple topics with a vast knowledge across different sector. You can almost call me an AI, after all, my initials are Araba Incoom.

Trump says Iran war is &#39;effectively over&#39; as Brent crude falls below $92

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Trump says Iran war is 'effectively over' as Brent crude falls below $92