Oil Price Today: Brent Slides 6.73% to $91.70 as Trump Eases Iran Rhetoric
Brent fell 6.73% to $91.70 and WTI dropped 5.45% to $85.88 on Tuesday as Trump downplayed new strikes on Iran, lifting Asian stocks and the rupiah.
Brent crude fell 6.73% to $91.70 a barrel in Asian trading on Tuesday, while West Texas Intermediate dropped 5.45% to $85.88, as traders kept pricing out the risk of fresh US strikes on Iran. The slide pulled the dollar lower, lifted Asian equities and hit gold, which eased 0.48%.
Both benchmarks were down by more than the 4% level that marks a major daily move on the JournalArta markets board. Brent is now trading well below Monday's flash-session levels, and the selling shows little sign of a pause at midday in Jakarta.
Why oil is falling
The immediate driver is a softer tone from Washington. President Donald Trump said US military action against Iran is not necessary "at this point" and that new attacks are highly unlikely while talks to end the conflict continue, with Qatar's prime minister among those who have urged restraint. Analysts say the more conciliatory language has taken a risk premium out of crude.
The picture is not one of settled peace. Trump plans to keep a naval blockade in the Strait of Hormuz for now, ships have continued to be hit near the waterway, and senior US and Gulf officials doubt that a deal with Tehran is imminent. Iran's security council chief, Mohsen Rezaei, rejected the talk of negotiations, saying Washington should stop manufacturing fake news about imaginary talks.
Supply data is also weighing on sentiment. A survey of OPEC output showed production rose in October, led by Saudi Arabia, Kuwait and Iraq, adding to signs that the physical market is well supplied.
Other commodities and the dollar
Energy was not uniformly weak. Natural gas jumped 7.31% to $3.217 per MMBtu. Copper rose 2.09% to $6.348 a pound and silver gained 2.57% to $53.135 an ounce, a pattern consistent with a broader risk-on move in industrial metals. Gold slipped to $4,114.09 an ounce.
The gold decline came as the Dollar Index fell 0.6% to 101.682, which would normally support bullion; the metal's retreat suggests some safe-haven demand is unwinding alongside the oil premium. The Indonesian rupiah firmed slightly, with USD/IDR at 18,057.37, down 0.1%.
Equities respond
Lower crude has fed straight into stock markets. Japan's Nikkei 225 rose 2.33% to 60,142.12 and Sydney's ASX 200 gained 1.39% to 9,146.1. In Jakarta, the IHSG was up 1.91% at 5,146.897 and LQ45 added 1.35%. The Straits Times index rose 1.39%.
The moves follow a strong Wall Street session. The S&P 500 closed up 2.35% at 7,549.94, the Nasdaq rose 2.74%, and the VIX fell 22.31% to 19.92. In London, mining shares led gains in the last full session, with Antofagasta up 6.17% and Anglo American up 5.21%.
The US 10-year Treasury yield was little changed at 4.864%, so the rally has not been driven by a fall in borrowing costs.
What to watch next
The next test is whether the diplomatic signals hold. A fresh attack on shipping near the Strait of Hormuz, or a clear rejection of talks from Tehran, could quickly bring back the risk premium that has drained from Brent and WTI. Corporate earnings also return to focus, with Applied Materials and Cisco due to report after the US close on 12 November and Nvidia scheduled for 17 November.
Markets at a glance
| Market | Last | Change | % Change |
|---|---|---|---|
| Brent | 91.70 | −6.62 | −6.73% |
| WTI | 85.88 | −4.95 | −5.45% |
| Gold (spot) | 4,114.09 | −19.94 | −0.48% |
| Silver | 53.14 | +1.33 | +2.57% |
| Copper | 6.348 | +0.130 | +2.09% |
| Natural Gas | 3.217 | +0.219 | +7.31% |
| USD/IDR | 18,057 | −18 | −0.10% |
| S&P 500 | 7,549.94 | +173.08 | +2.35% |
Data as of 10 Nov 2026, 11:35 WIB (04:35 GMT). Source: JournalArta Markets (Yahoo Finance, Twelve Data); some exchange data may be delayed up to 15 minutes. Follow live prices on JournalArta Markets. This article is for information only and is not investment advice.
