Oil Prices Fall, Staying below $100, as Trump Plays Down New Iran Strikes

By Farhan Rafid

Oil prices fell Monday, with Brent crude remaining below $100 a barrel after President Trump played down the likelihood of further U.S. strikes on Iran, even as attacks on Saudi Arabia and fresh incidents involving tankers in the Strait of Hormuz highlighted continuing risks to Middle Eastern oil supplies.

Front-month Brent crude, the global oil benchmark, fell 1.3% to $97.01 a barrel, while West Texas Intermediate futures declined 0.7% to $90.17 a barrel.

Trump said in an interview with CNN Sunday that further U.S. strikes on Iran were highly unlikely as long as negotiations over Tehran's nuclear program and the reopening of the Strait of Hormuz made progress. His comments followed a sharp decline in oil prices last week as traders assessed the prospects for a diplomatic resolution following the Democratic Party's victory in the U.S. midterm elections.

However, Iranian Foreign Minister Abbas Araghchi said talks with Washington had made no progress and Tehran was waiting to see whether the U.S. administration would change its position following the elections.

Investors are watching for signs of progress toward ending the conflict, according to ANZ analysts, as uncertainty over U.S. policy continues to influence oil prices.

Meanwhile, Saudi Arabia faced a series of missile and drone attacks over the weekend, with an administrative building belonging to state oil giant Saudi Aramco in Riyadh sustaining limited damage Sunday. The Saudi Energy Ministry said falling shrapnel struck the building following an attempted attack, but no casualties were reported. Saudi air defenses also intercepted several missiles targeting the kingdom over the weekend, according to the Saudi-led coalition.

Separately, maritime security threats persisted over the weekend. The U.K. Maritime Trade Operations reported Sunday that an outbound tanker was struck by an unidentified projectile while passing through the Strait of Hormuz. The crew was safe and no environmental impact was reported.

In another incident, UKMTO said military authorities reported a tanker on fire about eight nautical miles northwest of Khasab, Oman, prompting the evacuation of its crew. The cause of the fire wasn't specified.

Write to Farhan Rafid at farhan.rafid@wsj.com

(END) Dow Jones Newswires

November 09, 2026 02:32 ET (07:32 GMT)