Brent Crude Falls to a Two-Month Low as Trump Signals Diplomatic Approach to Iran.
Oil prices extended their decline on Thursday, with Brent crude falling towards $93 a barrel and hitting its lowest level in about two months as traders weighed the prospects of diplomacy against renewed military action involving Iran.
As of 9.59am Beijing time on November 5, 2026, Brent crude futures were trading at $93.63 a barrel, down 99 cents, or 1.05%. US West Texas Intermediate (WTI) futures fell 99 cents, or 1.12%, to $87.13. Murban physical crude declined $1.27, or 1.24%, to $100.90.
Thursday’s losses followed a sharp sell-off earlier in the week. Brent plunged nearly 8% on Wednesday, falling below $100 for the first time since early October.
The benchmark had climbed to nearly $118 a barrel on Friday before settling at $103.60 on Tuesday. Thursday’s price was therefore approximately 20% below Friday’s peak.
The retreat followed the Democrats’ sweep in the US midterm elections, with Vice President JD Vance attributing Republican losses partly to the war with Iran.
Markets are increasingly betting that US President Donald Trump could shift towards a diplomatic approach. Qatar has stepped up its mediation efforts, while Trump’s statement that the US has no immediate plans to strike Iran helped ease fears of further escalation.
However, uncertainty remains.
Iranian officials have indicated that the two sides remain far from reaching an agreement. US officials also told Axios that the military was completing preparations for possible major combat operations.
Disruptions to shipping through the Strait of Hormuz continue to constrain physical oil supplies, keeping prices above levels seen before the conflict began in February.
Meanwhile, Murban crude’s premium of approximately $7 a barrel over Brent futures points to tighter supplies of physical Gulf crude compared with the benchmark’s paper-market pricing.
