Crude oil benchmarks extended their decline on Tuesday, 10 November, after US President Donald Trump indicated he had no immediate plans to escalate military operations against Iran, tempering weeks of anxiety over Middle East supply disruptions.
By 07:59 GMT, Brent crude futures had slipped by 1.7% to $90.99 per barrel, reported Reuters.
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Meanwhile, US West Texas Intermediate (WTI) futures declined by 1.8% to $85.20 per barrel.
Both global benchmarks had decreased by about 2% during the session.
This follows a 5.85% decline in Brent settlement prices the previous day, with the benchmark reaching its lowest point since 31 August.
President Trump announced that he intended to delay any new military strikes against Iran, following appeals from various regional leaders, including the Qatari Prime Minister, who met him for talks at the White House.
In an interview with Reuters and a subsequent White House press briefing, President Trump confirmed he would maintain a naval blockade in the Strait of Hormuz for the time being.
Oil supply from the Organization of the Petroleum Exporting Countries (OPEC) members increased in October mainly due to higher output from Saudi Arabia, Kuwait, and Iraq, despite ongoing restrictions on exports.
Since reaching a six-month peak of $118 on 30 October, Brent has shed roughly 22% as the market’s expectations of a broader post-midterm escalation have receded.
The decline comes amid fading expectations of increased US military engagement with Iran after the recent US midterm elections, although concerns about possible shipping disruptions persist.
Furthermore, shipping data showed that liquefied natural gas (LNG) traffic through the Strait of Hormuz rose in October.
According to Kpler, Ras Laffan’s October LNG loadings surpassed 2.7 million tonnes (mt), the highest monthly figure since the regional conflict began.
Meanwhile, Chinese crude oil imports in October reached 41.94 million metric tonnes, or 9.88 million barrels per day (mbbl/d), up 9.4% from September, China’s customs data showed.
Year-on-year volumes nevertheless fell by 13.3%, while imports over the first ten months of 2026 totalled 399.9mt, down by 15.1% compared with the same period a year earlier.
Separately, Saudi Arabian state media reported an attack on the East-West oil pipeline in the Medina region, according to an energy ministry source cited by Reuters.
A limited fire was quickly extinguished, with no casualties reported and pipeline operations continuing normally.
The 1,200km conduit, which was briefly shut down in September following drone strikes attributed to Iraqi militias, now carries approximately 4mbbl/d of rerouted Saudi crude to the Red Sea port of Yanbu, representing around 4% of global supply.
