Oil prices declined on Monday, 9 November, following comments from US President Donald Trump that suggested a reduced probability of further military action against Iran, reported Reuters.
By 08:30 GMT, Brent crude fell by $1.65, or 1.7%, to $96.67 a barrel, while US West Texas Intermediate (WTI) dropped by $0.96, or 1%, to $89.87.
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The Brent benchmark experienced a significant fall last week, sliding 16%, which marked its sharpest weekly loss since the onset of the COVID-19 pandemic.
The price movements came as President Trump described the chance of authorising renewed US attacks on Iran as “highly unlikely” so long as diplomatic efforts to resolve the conflict continued.
This statement followed his earlier signals that strikes could resume after the recent US midterm elections.
Recent incidents have intensified concern over energy supply, with both the US and Iran reporting attacks on shipping in or near the critical Strait of Hormuz, a major global oil transit route.
Iranian officials have warned of retaliation against US and Israeli targets if military action escalates.
Furthermore, Iran-aligned Houthi forces stated on Sunday that they carried out an attack on Saudi Aramco offices in Riyadh.
In Russia, the Kirishi oil refinery was set on fire following a reported Ukrainian drone strike on Monday, according to Governor Alexander Drozdenko.
Separately in Iraq, production at the Khor Mor gas field in the Kurdistan region was halted after a drone struck an LPG storage tank on Sunday, starting a fire that continued into Monday, reported Reuters.
Power generation in the region reportedly dropped by around 2.8GW as a result.
According to Iraq’s prime minister, Ali al-Zaidi, initial assessments indicated no casualties from the attack.
The gas field supplies power to the broader region.
Shipping through the Strait of Hormuz remains disrupted, affecting countries, including Iraq, as attacks continue to threaten maritime and energy infrastructure.
Joint field operator Dana Gas had previously shut down operations at Khor Mor in July due to security concerns before resuming production later that month.
No group has claimed responsibility for the latest drone attack on the facility.
