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Morning Edition · Tuesday, November 10, 2026Published at 12:10 AM EST · New York
Brent Falls Below $92 After Trump Says New Iran Strikes Are Unlikely, While Houthis Hit Saudi Pipeline Again
The benchmark settled 5.85% lower on Monday, even as Saudi forces intercepted missiles fired at Riyadh and Tehran ruled out shipping its enriched uranium abroad.
President Donald Trump said Monday that he was highly unlikely to order new attacks on Iran as long as talks to end the conflict kept making progress. Oil traders responded by selling crude, and Brent futures settled 5.85% lower, their weakest close since August 31, CNBC reported. In Asian trading on Tuesday, Brent fell another 81 cents, or 0.88%, to below $92 a barrel, and US West Texas Intermediate (WTI) fell 79 cents, to $86, according to the Economic Times. Brent had already lost about 16% the previous week, CNBC reported. Several Indian and Gulf news outlets described Trump's position as a belief that the war is "effectively over." He has not announced a formal end to it.
The fighting on the ground has not stopped. A Saudi Energy Ministry official told the state news agency, the Saudi Press Agency (SPA), that the East-West pipeline in the Medina region was attacked again, causing a "limited fire" that was put out without casualties or any disruption to flows, Al Jazeera reported. Hours later, the Saudi-led coalition said it had intercepted two missiles fired toward Riyadh and a third aimed at the kingdom's south. Coalition spokesman Turki al-Maliki blamed the Houthi forces, who are aligned with Iran. The pipeline carries Saudi crude west to the Red Sea port of Yanbu and is the kingdom's main export route that avoids the Strait of Hormuz, so the attacks targeted the bypass Gulf exporters built for exactly this kind of conflict.
Tehran's negotiating position also leaves a central dispute open. Esmail Baghaei, the Iranian Foreign Ministry spokesman, said removing enriched uranium from Iran is not on the agenda and is not under consideration, Kommersant reported, citing the Islamic Republic News Agency (IRNA). Kommersant added that Iran had shortened the deadline for carrying out a US proposal from seven days to two. Washington has repeatedly demanded that the stockpile leave the country or be destroyed under international inspection. That gap has stopped earlier rounds of talks from producing a deal.
Investors responded to the drop in oil by buying stocks. The S&P 500 rose 2.35% on Monday, its largest daily gain since April 8, and the Dow Jones Industrial Average gained 1,104 points, TheStreet reported. For oil-importing economies, lower crude reduces the import bill directly. The Indian rupee has been among Asia's best-performing currencies this fiscal year, partly because of the fall in crude.
Part of a tracked trend
Middle East War Premium Returns to Oil
Renewed US-Iran conflict reinstates a geopolitical risk premium in crude that reverses the earlier de-escalation slide, feeding energy-driven inflation and redistributing income toward oil producers each time brinkmanship flares.
Veracity: Plausible
68/100- If true, who benefits
If the de-escalation framing holds, oil importers such as India and their refiners gain from cheaper crude and the White House gains lower pump prices. Gulf producers with large budget needs and holders of long crude positions lose the war premium that built up through the late-October strikes.
- The nuance
The Saudi Energy Ministry confirmed the November 9 strike on the pipeline but named no attacker, and Yemen Monitor noted that the Houthis had not claimed it. Riyadh had blamed the September pipeline attack on launches from Iraq, so the headline's "Houthis hit again" rests on the coalition linking the pipeline strike to separate missile launches, and Trump's pledge of restraint follows earlier announced pauses that new strikes broke.
An open-source-intelligence read of how likely this story is true with its real nuance, not a judgment of any outlet. It assesses the claim, weighing independent and adversarial reporting. .
Synthesized from: Economic Times · Al Jazeera · Kommersant · CNBC
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Comments
1Nov 10, 5:10 AM · edited
Compounding last week's roughly 16% loss with Monday's 5.85% drop and Tuesday's 0.88% decline leaves Brent about 22% below its level of early last week, before any formal end to the war.