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Russian President Vladimir Putin and Iranian President Masoud Pezeshkian pose for a photo at the CIS summit in Turkmenistan
Photo: Sergei Bobylev/Sputnik/Kremlin Pool via AP Photo, via Al Jazeera

Oil Slips 0.7% to $103.53 as Putin Meets Iran's Leader

Al Jazeera2 min read5 sources

Why is oil down today?

Brent crude oil (BZ=F) fell 0.7% to $103.53 on Friday after US President Trump said he will not attack Iran before the midterm elections, even as Putin met Iran's president.

Key numbers

Brent crude, Friday$103.53-0.7%
WTI crude, Friday$90.97-0.6%
Brent close, Thursday$104.28+4%
Daily ships through Hormuz since Sep 28 (per [3])<23vs hundreds before the war
US diesel since Feb 28 (per [3])$6.28/gal+70%

What happened

Brent crude oil (BZ=F) fell 0.7% to $103.53 on Friday after US President Trump said he will not attack Iran before the midterm elections, even as Putin met Iran's president. Russia's Vladimir Putin and Iran's Masoud Pezeshkian met in Turkmenistan on Thursday, their second meeting since the war began in February. Putin said Russia will "do everything" to help end the war, and the two are expected to discuss closer military and strategic ties. Oil had jumped 4% on Thursday to $104.28 as attacks on tankers near the Strait of Hormuz continued.

Why it matters

Oil prices matter to everyday budgets because the Strait of Hormuz, a narrow sea route, carried about 20% of the world's oil and fuel before the war, and traffic there is still far below normal. Russia has reportedly given Iran military equipment and intelligence, so closer ties may make the war harder to end. US gasoline is up 45% and diesel 70% since the war began.

Who this affects

Marketmixed
High impact
Oil traders face swings; drivers pay far more for fuel.
Companymixed
Medium impact
Oil producers earn more at $100, but shipping risks remain.
Competitorsneutral
Low impact
US WTI crude trades about $12 below Brent at $90.97.
Industrybearish
High impact
Airlines and shippers face higher fuel costs.

Brent Crude vs WTI Crude

Brent crudeBZ=F$103.53+4.0%-0.7%
WTI crudeCL=F$90.97+3.6%-0.6%

As of 2026-10-09

How we got here

  1. Fighting between the US, Israel and Iran begins, closing most Hormuz traffic.

  2. Putin and Pezeshkian meet in Turkmenistan; Brent settles up 4% at $104.28.

  3. Brent slips 0.7% to $103.53 after Trump rules out pre-election strikes on Iran.

What to watch

  • Any Russia-Iran announcement on weapons, intelligence sharing or the 2025 strategic partnership treaty.Q4 2026
  • Tanker attacks and daily ship counts at the Strait of Hormuz.2026-10-16
  • US midterm elections, the date before which Trump says no Iran strikes are planned.2026-11-03

Educational content only. Not investment advice.

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