Crude Oil Prices Today, November 10, 2026: Global crude oil prices extended their decline on Tuesday amid hopes of easing tensions in the Middle East after US President Donald Trump signalled a pause in further military strikes against Iran, according to Reuters.
The development raised expectations of a possible reduction in geopolitical risks affecting oil supplies from the region, although uncertainty surrounding the Strait of Hormuz continued to weigh on the outlook.
The decline came as investors assessed the possibility of a de-escalation in the Middle East conflict and its implications for global energy supplies.
Why are crude oil prices falling today?
The remarks prompted hopes that tensions between Washington and Tehran could ease, potentially reducing the risk of further disruptions to oil production and transportation in the Middle East.
However, the situation remains uncertain, with restrictions affecting the Strait of Hormuz yet to be fully resolved.
The waterway is a critical route for global energy shipments, making developments in the region an important factor in international crude oil prices.
Brent crude falls below $91 as oil extends losses
According to Reuters, Brent crude futures fell 1.7 per cent to $90.99 a barrel on Tuesday, while US West Texas Intermediate (WTI) crude declined 1.8 per cent to $85.20 a barrel.
Both benchmarks had fallen sharply in the previous session. Brent settled 5.85 per cent lower on Monday at $92.57 a barrel, while WTI closed at $86.85 a barrel, down 4.38 per cent.
Reuters reported that Brent was trading approximately 22 per cent below its October 30 high of $118 a barrel.
Strait of Hormuz blockade remains in focus
Despite Trump’s decision to hold off on additional strikes, the US naval blockade in the Strait of Hormuz remains in place.
According to Reuters, Trump indicated that the blockade would continue for now, even as Washington adopted a less confrontational position on further military action.
Attacks on commercial shipping in and around the waterway have also continued, keeping concerns about energy transportation and supply disruptions in focus.
Senior US and Gulf officials have expressed doubts about the possibility of an imminent agreement between Washington and Tehran, Reuters reported.
OPEC output rises in October
On the supply side, oil production by the Organization of the Petroleum Exporting Countries (OPEC) increased in October, according to a Reuters survey.
The increase was led by higher production from Saudi Arabia, Kuwait and Iraq, despite continuing restrictions affecting exports from the region.
The additional output comes as oil markets assess whether easing geopolitical tensions could improve supply conditions.
What lies ahead for crude oil prices?
According to Reuters, market participants continue to monitor developments involving the US and Iran, particularly the possibility of an agreement that could reduce disruptions to Middle Eastern energy supplies.
However, the continuation of the Strait of Hormuz blockade and attacks on shipping indicate that supply risks have not disappeared.
Oil markets are also watching developments in the Russia-Ukraine conflict, with officials from both countries scheduled to begin two days of US-brokered talks on Tuesday, Reuters reported.
The latest decline in crude prices reflects expectations of reduced geopolitical tensions rather than confirmation of a lasting resolution to the Middle East conflict.