Oil prices extended their decline on Monday, November 9, following their sharpest weekly fall since April 2020, as market participants evaluated prospects for a diplomatic resolution to the US-Iran conflict despite continued regional hostilities across West Asia.
The fall in oil prices intensified at Monday's open after US President Donald Trump said he was highly unlikely to order new attacks on Iran while talks to end the conflict make progress, despite both nations' reports of attacks on ships in or near the Strait of Hormuz.
At around 9.20 am, Brent crude futures fell 0.17%, to $98.45 a barrel. However, US West Texas Intermediate (WTI) crude was slightly up by 0.29%, to $91.09 a barrel.
The fall in oil prices reversed minor gains made at Friday’s settlement as market participants weighed the likelihood of further US strikes on Iran, even as Brent plummeted 17 percent last week - marking its steepest weekly decline since the onset of the Covid-19 pandemic and its largest absolute drop, Reuters reported quoting LSEG data dating back to 1988.
Speaking to CNN in a phone interview, Trump said, as quoted by Reuters, “It depends on whether or not they sign a very strong agreement.”