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Associated Press photo from The Times of Israel report on Trump's remarks about the Iran war and the midterm elections
Photo: The Times of Israel / AP

Oil Slips to $105 as Trump Predicts Iran War's End

The Times of Israel2 min read6 sources

Why is oil down today?

Brent crude (BZ=F) fell 1.1% to $105.49 on Tuesday as traders weighed Russian diesel exports against Saudi attacks, a day after Trump said the Iran war will end 'very soon'.

Key numbers

Brent crude (Tuesday)$105.49-1.08% on the day
Brent settle (Monday)$106.65+1.8%, highest since 15 Sept (per [3])
WTI crude (Tuesday)$92.56-1.26% on the day
Brent vs a year ago$105.49+69.1% YoY
Trump's strike pause endsNov 3US midterm election day

What happened

Brent crude (BZ=F) fell 1.1% to $105.49 on Tuesday as traders weighed Russian diesel exports against Saudi attacks, a day after Trump said the Iran war will end 'very soon'. Trump told reporters on Monday that the US midterm elections have 'no impact' on his Iran policy, and that oil will 'drop like a rock' once the war ends. He has also promised no new strikes on Iran before the 3 November vote. On Monday, Brent still rose 1.8% to $106.65, its highest close since 15 September, after attacks on Saudi Arabia.

Why it matters

Brent crude, the world's main oil price benchmark, is still about 69% higher than a year ago, so fuel stays expensive for drivers, airlines and businesses. US gasoline futures are up about 78% over the same period. Trump says peace would push prices down, but Iran calls the latest US answer on reopening the Strait of Hormuz, a key oil shipping route, 'insufficient'. Until a deal is reached, new attacks can push prices back up.

Who this affects

Marketmixed
High impact
Oil traders face swings between peace hopes and attacks.
Companymixed
Medium impact
Oil producers gain from high prices; fuel buyers pay more.
Competitorsbearish
Low impact
Extra Russian diesel supply could ease fuel prices for buyers.
Industrybearish
Medium impact
Airlines, shippers and drivers still face high fuel costs.

Brent Crude vs WTI Crude, US Gasoline, US Natural Gas

Brent crudeBZ=F$105.49/bbl-1.08%-0.18%+69.1%
WTI crudeCL=F$92.56/bbl-1.26%-8.71%+57.7%
US gasolineRB=F$3.25/gal-1.27%-2.03%+77.9%
US natural gasNG=F$3.18/MMBtu+0.30%+9.68%+4.9%

As of 2026-10-13

How we got here

  1. Trump says US will not attack Iran before the 3 November midterms; Brent falls to about $103.

  2. Missile attack on Riyadh airport kills 12; Saudi Arabia closes airports.

  3. Trump says midterms have 'no impact' on Iran policy; Brent settles at $106.65.

  4. Brent slips to about $105 as Russian diesel exports weigh on prices.

What to watch

  • Whether Iran accepts a US answer on reopening the Strait of Hormuz, which it called 'insufficient'.Q4 2026
  • US midterm elections, when Trump's pledge of no new Iran strikes would run out.2026-11-03
  • Further attacks on Saudi Arabia and oil tankers that could lift oil prices again.Q4 2026

Educational content only. Not investment advice.

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