Oil prices fall as Trump says US strikes on Iran unlikely
Brent crude slipped below $99 on Monday after US President Donald Trump suggested new military attacks on Iran are improbable.
Crude oil prices declined on Monday, November 9, after US President Donald Trump stated it was highly unlikely he would order new attacks on Iran if talks to end the conflict progress, according to Moneycontrol.
At approximately 9.20 am, Brent crude futures fell 0.17 per cent to $98.45 a barrel. US West Texas Intermediate (WTI) crude was reported as slightly up by 0.29 per cent to $91.09 a barrel by Moneycontrol, while Deccan Chronicle reported WTI had fallen 0.40 per cent to $90.51 a barrel.
In a phone interview with CNN, Trump said the necessity of such actions depends on the signing of a strong agreement and noted that new attacks are highly unlikely to be required. This follows previous hints that major military actions could resume after the US midterm elections, though no large-scale operation has occurred.
The price decline comes despite reports from both nations of attacks on ships near the Strait of Hormuz and warnings from Iran regarding retaliatory strikes against US and Israeli targets. On Sunday, Houthi rebels launched a missile attack on Riyadh, causing minor damage to Saudi Aramco offices, according to the Saudi Press Agency.
JPMorgan analysts stated oil is headed for a glut due to recovering Middle Eastern flows and rising production. Conversely, Goldman Sachs raised its long-term outlook, suggesting Brent could reach $140 a barrel in 2027 if Gulf production remains below 2025 levels.