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Oil falls as Trump comments on Iran talks ease supply concerns - Finance news and analysis from Global Banking & Finance Review
Finance

Oil falls as Trump comments on Iran talks ease supply concerns

Published by Global Banking & Finance Review

Posted on October 9, 2026

2 min read

· Last updated: October 9, 2026

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Oil Prices Drop After Trump Comments on Iran Talks Reduce Supply Fears

Oil Market Reactions and Geopolitical Developments

Recent Price Movements

Oct 9 (Reuters) - Oil prices fell on Friday as Middle East supply concerns eased somewhat after US President Donald Trump said the country will not attack Iran before US elections next month amid productive talks to end their war that has disrupted the market. 

Brent crude futures fell 72 cents, or 0.7%, to $103.53 a barrel by 0220 GMT. US West Texas Intermediate (WTI) crude futures fell 52 cents, or 0.6%, to $90.97.

Weekly Performance Overview

Still, Brent prices are set for weekly gains after settling 4% higher on Thursday because of an increase in attacks on shipping carrying crude out of the Middle East earlier this week. WTI is set for a slight weekly decline even amid supply disruptions due to a hurricane approaching the Gulf of Mexico coast in the US, the world's biggest oil producer.

US-Iran Relations and Market Impact

Trump's Statements and Diplomatic Efforts

On Thursday, Trump said Washington was having "productive discussions" with Iran and said no attack was planned before the November 3 midterm congressional elections after media reports he was considering an attack before then.

Iran's Response

Iran's Tasnim news agency reported the same day that Foreign Minister Abbas Araqchi said Tehran is reviewing the US response to its proposal that would reopen the Strait of Hormuz within seven days.

Ongoing Economic Pressure

The US is still pressuring Iran economically to try to end the war, now in its eighth month. 

The US imposed fresh sanctions on Thursday targeting individuals, networks and 17 vessels for transporting Iranian crude, oil products and petrochemicals.

Other Market Influences

Volatility from Regional Threats

Prices have been volatile this week as threats to oil shipping in the Gulf and the Strait of Hormuz, which carried shipments equal to about 20% of global oil and fuel before the war, have increased in October.

Hurricane Isaias and US Production

The oil market is also contending with Hurricane Isaias in the Gulf of Mexico. Because of the storm, producers there have shut in about 1.3 million barrels per day, or 62.9%, of current oil production as of Thursday, according to the US Marine Minerals Administration.

(Reporting by Sudarshan Varadhan; Editing by Christian Schmollinger)

Key Takeaways

  • Brent fell to $103.53/bbl and WTI to $90.97, though Brent is still set for weekly gains after earlier Middle East shipping threats (ca.marketscreener.com)
  • Trump’s assurance of no pre-election military strike on Iran calmed markets slightly, following weeks of geopolitical risk (investing.com)
  • Hurricane Isaias shut in ~1.3 million barrels per day—or about 63%—of Gulf of Mexico oil output, supporting price volatility (apnews.com)

References

Frequently Asked Questions

Why did oil prices fall on Friday?
Oil prices fell due to easing supply concerns after President Trump said there would be no attack on Iran ahead of US elections and positive Iran talks.
How have Brent and WTI crude futures changed?
Brent crude futures dropped 0.7% to $103.53, while WTI futures fell 0.6% to $90.97 per barrel as of early Friday.
What supply disruptions are affecting the oil market?
Supply disruptions are caused by tensions in the Middle East, threats to shipping in the Strait of Hormuz, and a hurricane in the US Gulf of Mexico.
What actions has the US taken against Iran recently?
The US imposed new sanctions targeting individuals, networks, and vessels transporting Iranian oil and petrochemicals.
How is the hurricane in the Gulf of Mexico impacting oil production?
Producers have shut in about 1.3 million barrels per day, or 62.9% of current oil production, due to the approaching hurricane.

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