Global crude oil prices continued to decline on Tuesday as easing tensions between the United States and Iran reduced concerns about possible disruptions to international oil supplies.
Brent crude futures fell below $90 per barrel for the first time since August 31, reaching $89.65 during trading on Tuesday, November 10.
Meanwhile, US West Texas Intermediate (WTI) crude declined to $84.52 per barrel, extending losses from the previous trading session.
Abu Dhabi’s Murban crude, however, moved in the opposite direction, rising to around $99.17 per barrel in earlier trading.
The latest decline followed remarks by US President Donald Trump, who indicated that further military action against Iran was not necessary at this stage. His comments eased market concerns about a prolonged conflict and potential disruptions to oil shipments from the Middle East.
The Strait of Hormuz remains an important factor in global energy markets. A significant share of the world’s oil supplies passes through this strategic shipping route, making any security threat a major concern for international traders.
However, continued attacks on commercial shipping have kept uncertainty in the market, despite growing expectations of reduced regional tensions.
Supply conditions are also influencing prices. Rising oil production from major producers, including members of the Organization of the Petroleum Exporting Countries (OPEC), has added to concerns about a possible global supply surplus.
Market participants are now closely monitoring diplomatic developments, production levels and shipping activity in the Middle East to assess the future direction of crude oil prices.
The latest decline highlights how geopolitical developments and global supply expectations continue to influence international energy markets.
