Oil prices continued their steep decline on November 9, 2026, marking the largest weekly drop since April 2020. The downturn came as traders assessed the balance between diplomatic efforts to resolve the US-Iran conflict and recent attacks in the region. Brent front-month futures dipped below $98 a barrel, while West Texas Intermediate hovered near $90. The sell-off followed a more than 16% loss for the week, erasing gains that had pushed crude to a six-month high at the end of October.
The shift in market sentiment was partly driven by the outcome of the US midterm elections, where a Democratic sweep raised hopes that the conflict with Iran would not escalate further. This political development weighed heavily on oil prices, as traders adjusted their expectations for supply disruptions. The diplomatic efforts to end the conflict added another layer of uncertainty, contributing to the volatile trading conditions.
Despite the recent declines, analysts remain divided on the outlook for oil prices. Some argue that the market has overreacted to the political developments, while others caution that further volatility could be on the horizon if tensions in the region persist. The focus now turns to whether diplomatic efforts can successfully de-escalate the conflict and stabilize oil markets.