Brent oil price falls below $90 for the first time since August

What happened. Brent crude futures dropped below $90 a barrel on Tuesday, November 10, for the first time since August 31, Reuters reports. It had Brent at $89.65 at 1334 GMT, down 3.15%. CNBC had $90.14 at 5:33 a.m. ET, after January contracts dipped below $90 earlier. Expansión puts the low at $89.65, 3.2% under Monday's close. US WTI was at $84.52 in Reuters. Prices move all day, so sources differ a little.

How far it has come. Brent hit a six-month high of $118 on October 30 and has retreated about 23%, Reuters says. It lost 5.9% on Monday alone. CNBC adds that Brent started the year near $60 and touched $130 in March and April, so oil is still far above where 2026 began.

Why it is falling. Reuters and CNBC name the same main driver: hopes of de-escalation. Trump said on Monday that he plans to hold off from new strikes on Iran and that the war could end "fairly soon". Two supply points matter just as much. Regional oil flows are recovering, ING strategists say, and Reuters reports that OPEC output rose in October, led by Saudi Arabia, Kuwait and Iraq. Oversupply is also back in view: Reuters says demand dropped because of high prices, and JPMorgan estimated the global surplus at about 1.4 million barrels a day in October.

What it means for fuel and inflation. Crude is only part of the pump price. CNBC notes that a shortage of refining capacity pushed up diesel, gasoline and jet fuel prices, and Commerzbank analysts say diesel is still much tighter than crude. So pump prices may lag oil. In Turkey, Cumhuriyet cites sector sources who expect petrol to fall about 3 lira a litre from November 12 and diesel about 4 lira from November 14. Petrol on the Istanbul European side would go from 74.60 to 71.60 lira and diesel from 95.20 to 91.20. The cuts are not final. On inflation, elEconomista summarises economist Anatole Kaletsky: an end to the conflict would make oil cheaper and moderate inflation pressure. That is one view.

What could change. Nothing is signed. Rystad Energy's Claudio Galimberti says investors are mistaking a change in political expectations for better supply. FGE's Fereidun Fesharaki told CNBC he still sees no deal. ING expects oil to stay sensitive to Middle East news. A round number like $90 is a milestone, not a floor or a ceiling, and this is not a forecast.

Confirmed facts

• Brent crude futures fell below $90 a barrel on November 10, 2026 for the first time since August 31, trading at $89.65 at 1334 GMT, down $2.92 or 3.15%.^[1]
• Expansión reports Brent fell as low as $89.65, 3.2% below Monday's close and its lowest since August 31, after trading near $118 in late October.^[3]
• CNBC had Brent 2.65% lower at $90.14 at 5:33 a.m. ET and calls it the price gauge for around 80% of global crude.^[2]
• Brent has fallen about 23% from a six-month high of $118 reached on October 30, after losing 5.9% on Monday.^[1]
• US WTI futures fell $2.33, or 2.68%, to $84.52.^[1]
• Oil fell after Trump downplayed the need for more military action against Iran, easing fears of sustained supply disruptions; oversupply was also in focus.^[1]
• Regional oil flows are recovering, which ING strategists say adds to the downward pressure on prices.^[2]
• OPEC output rose in October, led by Saudi Arabia, Kuwait and Iraq, and JPMorgan estimated the global surplus at around 1.4 million barrels a day in October.^[1]
• Brent started 2026 near $60 and touched $130 in March and April; a shortage of refining capacity has pushed up diesel, gasoline and jet fuel prices.^[2]
• Commerzbank analysts say the physical crude market is easing but refined products such as diesel remain much tighter.^[4]
• Rystad Energy's Claudio Galimberti says Gulf exports are still 20% below pre-war levels and that the price move reflects market sentiment, not a change in supply.^[4]
• Economist Anatole Kaletsky argues that an end to the conflict would make oil cheaper and moderate inflation pressure.^[4]
• Cumhuriyet, citing sector sources, reports expected cuts of about 3 lira a litre for petrol from November 12 and about 4 lira for diesel from November 14, not yet final.^[5]
• If applied, petrol on the Istanbul European side would fall from 74.60 to 71.60 lira a litre and diesel from 95.20 to 91.20 lira.^[5]

Implications

• ConfirmedBrent traded below $90 on November 10 for the first time since August 31.
• ConfirmedThe fall happened without a signed peace deal and before Middle East output is fully back.
• Our readingPump prices in some countries are likely to follow crude lower, with a delay and less than crude, especially for diesel. This is our view.
• Our readingCheaper crude, if it lasts, can ease inflation pressure over time. This is our view.

Still unknown

• Whether Brent stays below $90
• Whether the US and Iran reach a deal
• How large and how fast pump price cuts will be
• How quickly the diesel market eases

Who it affects

Global, Europe, Turkey. People who follow oil, fuel prices and inflation, and drivers and businesses that pay for fuel

Sources

1. Reuters: Oil falls as Trump downplays prospect of escalation with Iran November 10, 2026 · media
2. CNBC: Brent crude falls below $90 for first time since August on Iran war de-escalation hopes November 10, 2026 · media
3. Expansión: El petróleo baja de 90 dólares por primera vez desde agosto November 10, 2026 · media
4. elEconomista: El petróleo cae con fuerza y el Brent ya pierde 27 dólares en diez sesiones, mientras Arabia Saudí vuelve a llenar Ormuz con su crudo y la paz con Irán se acerca November 10, 2026 · media
5. Cumhuriyet: Akaryakıta çifte indirim geliyor: Benzin ve motorinde fiyatlar düşecek November 10, 2026 · media