Oil prices witnessed a sharp decline of more than 5%, recording their lowest level since the beginning of September 2026, in light of geopolitical developments related to US-Iranian tensions.
Brent crude fell to about $93.21 per barrel, while American light crude fell by 3.5% during today’s session, to $87.47 per barrel at the time the coverage was published.
This decline came after US President Donald Trump reduced the possibility of launching a new military operation against Iran, although the attacks that targeted ships in the Strait of Hormuz kept the markets in a state of anticipation regarding the security of supplies.
Trump had previously hinted at the possibility of launching new attacks after the US midterm elections that took place last week, but no indications of a large-scale US military operation appeared, at a time when Tehran announced that it would respond by targeting American and Israeli interests.
In the same context, Ole Hansen, an analyst at Saxo Bank, commented that oil continues to decline, driven by hopes of reaching an agreement to stop the war between the United States and Iran, despite the absence of tangible indicators of actual progress on the ground.
