# 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.

- Published: 2026-11-10T05:10:38.878Z
- Canonical: https://polylog.news/2026-11-10/brent-falls-below-92-after-trump-says-new-iran-strikes-are-u
- Publisher: Polylog (Global desk)
- Section: markets
- Sources: [Economic Times](https://m.economictimes.com/markets/commodities/news/oil-price-today-november-10-crude-oil-falls-below-92-as-trump-says-iran-war-is-effectively-over-what-lies-ahead/articleshow/135696913.cms), [Al Jazeera](https://www.aljazeera.com/news/2026/11/10/saudi-arabia-downs-missiles-fired-at-riyadh-after-houthi-attack-on-pipeline), [Kommersant](https://www.kommersant.ru/doc/9093263), [CNBC](https://www.cnbc.com/2026/11/09/oil-falls-as-trump-says-new-iran-attacks-unlikely.html)

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](https://www.cnbc.com/2026/11/09/oil-falls-as-trump-says-new-iran-attacks-unlikely.html). 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](https://m.economictimes.com/markets/commodities/news/oil-price-today-november-10-crude-oil-falls-below-92-as-trump-says-iran-war-is-effectively-over-what-lies-ahead/articleshow/135696913.cms). Brent had already lost about 16% the previous week, [CNBC reported](https://www.cnbc.com/2026/11/09/oil-falls-as-trump-says-new-iran-attacks-unlikely.html). 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](https://www.aljazeera.com/news/2026/11/10/saudi-arabia-downs-missiles-fired-at-riyadh-after-houthi-attack-on-pipeline). 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)](https://www.kommersant.ru/doc/9093263). 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](https://www.thestreet.com/stock-market-today/stock-market-today-dow-jones-sp-500-nasdaq-updates-nov-09-202). For oil-importing economies, lower crude reduces the import bill directly. The Indian rupee has been [among Asia's best-performing currencies](https://m.economictimes.com/markets/forex/rupee-among-asias-top-3-as-india-turns-ai-hedge/articleshow/135696371.cms) this fiscal year, partly because of the fall in crude.

## What this means

Oil prices have dropped on the strength of a single statement from Trump, even though the risks that pushed prices higher remain in place: Houthi strikes on Saudi export infrastructure, unresolved demands over Iran's uranium stockpile, and a newly elected Democratic Congress that limits how far Trump can escalate the conflict again. Gulf producers with large government financing needs lose revenue immediately when oil falls. Oil importers such as India gain through a smaller trade deficit and a stronger currency. The precedent is the September 2019 attack on the Abqaiq oil facility, when Brent jumped about 15% in a single session and then fell back to its earlier level within two weeks once Saudi Arabia restored supply. Traders learned from that episode to treat attacks that do not stop oil flows as temporary rather than pricing in a lasting risk premium, and they are applying that same approach to today's "limited fire." The market may be underpricing the risk of an attack that does stop flow through the East-West line, since that pipeline is the one route that keeps Saudi oil moving if the Strait of Hormuz is blocked. The likelier outcome is that Brent holds near current levels for the next several weeks, as long as talks continue and Trump refrains from ordering new strikes. That forecast would be wrong if a Houthi attack halts pipeline flows or the uranium talks collapse, either of which would restore a risk premium within days.

## What to watch

- Saudi government statements on East-West pipeline throughput. A reported loss of flow, rather than a contained fire, would show that the route built to bypass the Strait of Hormuz is itself vulnerable.
- Whether Iran and the United States schedule a new round of talks on the uranium stockpile. A firm date would support the decline in oil prices, while Iranian refusal to set one would weaken it.
- Shipping incidents near the Strait of Hormuz. Continued attacks while futures fall would show that oil prices and the real security situation on the water are moving in different directions.