Global Oil Benchmark Plunges $6 as US Downplays Iran Strike Risks
Brent crude futures fell 6.17 percent to $92.25 a barrel in early Asian trading on November 10, 2026, as geopolitical risk premiums vanished across international energy markets. Global fuel purchasers, institutional commodity traders, and airline fleet managers recalibrated hedging strategies overnight after military escalation risks in the Middle East abruptly receded.
Divergent physical markets leave Murban crude trading above $99
The benchmark crude dropped $6.07 per barrel following statement from US President Donald Trump downplaying the likelihood of renewed military strikes against Iran. US West Texas Intermediate futures similarly tumbled 4.38 percent to $86.85 a barrel, down $3.98. In contrast, physical markets demonstrated localized supply tightness, with Abu Dhabi’s Murban crude moving in the opposite direction by rising 3.42 percent, or $3.28, to settle at $99.17 a barrel.
Despite the sharp retreat in futures prices, ongoing commercial vessel attacks near the Strait of Hormuz continue to disrupt regional shipping lanes and complicate energy delivery timelines. Middle Eastern crude producers have simultaneously begun lowering official selling prices to attract international buyers as recovering maritime flows through the strait raise oversupply concerns among major importers.
This market volatility follows last week’s sharp price swings driven by shifting expectations around Middle East security and transit corridors.
