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Oil Slips to $97.67 as Trump Calls Iran War Restart Unlikely
Why is oil down today?
Oil (Brent, BZ=F) slipped 0.6% to $97.67 in early Monday trading after Trump called an Iran war restart highly unlikely, even as the US struck Qeshm Island and launched a land blockade.
Key numbers
| Brent crude, early Monday | $97.67-0.6% on the day |
|---|---|
| Brent Friday close | $98.32-16% on week (Rigzone says -13%) |
| WTI crude, early Monday | $90.51-0.4% on the day |
| Iranian crude exports blocked by US | $25B+since blockade began (per [2]) |
| US aircraft carriers in region | 338 Iranian bridges named as targets (per [1]) |
What happened
Oil (Brent, BZ=F) slipped 0.6% to $97.67 in early Monday trading after Trump called an Iran war restart highly unlikely, even as the US struck Qeshm Island and launched a land blockade. Trump called the Qeshm attacks "minor strikes" and said an Iranian anti-aircraft site was knocked out in about 15 minutes. On Saturday, the US military created Task Force Iron Gate to track weapons and sanctioned goods crossing Iran's land borders. Brent had already sunk about 16% last week, closing at $98.32 on Friday, on hopes of a deal.
Why it matters
Brent crude, the world's main oil price benchmark, helps set gasoline costs, airfares and inflation. It now sits about $20 below last week's level because traders are betting a deal will reopen shipping through the Strait of Hormuz, a narrow waterway much of the world's oil crosses. But the US blockade continues and Secretary of State Marco Rubio says a breakthrough is not close, so prices could swing back quickly.
Who this affects
- MarketmixedMedium impact
- Oil traders weigh deal hopes against blockade and strike risks.
- CompanybearishMedium impact
- Oil producers earn less per barrel than a week ago.
- CompetitorsmixedLow impact
- Gold gained 5% last week as investors sought safety.
- IndustrymixedHigh impact
- Shipping and refiners still face Hormuz and blockade disruption.
Brent Crude vs WTI Crude, Gold
| Brent crudeBZ=F | $98.32 | +0.03% | -16% |
|---|---|---|---|
| WTI crudeCL=F | $90.83 | +0.3% | -13% |
| Gold (spot)XAU | $4,045 | -1.0% | +5% |
As of 2026-11-06
How we got here
US strikes an Iranian air defense system on Qeshm Island; Trump calls them "minor strikes".
US Central Command announces Task Force Iron Gate to monitor Iran's land borders and Caspian Sea access.
Trump says renewed war is "highly unlikely" if Iran signs a strong deal; three carriers remain.
Brent trades near $97.67 in early Monday trading, after last week's 16% slide.
What to watch
- US October inflation report and EIA energy outlook, both likely to move oil and rate expectations.2026-11-10
- OPEC monthly oil market report on supply and demand, as Gulf exports recover.2026-11-11
- Whether Iran accepts a deal and reopens the Strait of Hormuz, or strikes and blockade escalate.Q4 2026
Educational content only. Not investment advice.
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