WTI near $89.50 as Trump signals lower US‑Iran tension
ITF Team2 min read
WTI crude slipped to around $89.60 on Monday after President Trump said further US strikes on Iran are unlikely, pulling the price near $89.50.
Key takeaways
- WTI traded around $89.60 during Asian hours on 11/9/2026.
- President Donald Trump said further US military strikes on Iran are "highly unlikely" if nuclear talks progress.
- Iraqi Foreign Minister Fuad Hussein said Iraq expects to resume oil exports through the Strait of Hormuz.
- US Secretary of State Marco Rubio called Iran’s current demands "unacceptable".
West Texas Intermediate (WTI) crude slipped to roughly $89.60 in Asian trading on Monday, 9 November 2026, after President Donald Trump hinted that additional US strikes on Iran are unlikely if Tehran makes significant progress in nuclear negotiations. The move pulled the benchmark back toward the $89.50 level, ending a brief flat spell from the previous session.
Why Trump’s remarks moved oil lower
Trump told CNN that any decision on further military action depends on whether Iran signs a strong nuclear agreement. The prospect of de‑escalation reduces the geopolitical risk premium that has kept oil prices elevated since the conflict began. Investors therefore trimmed exposure to crude, pushing WTI down from its recent highs.
The comment also tied the conflict to US domestic politics. Trump noted that the war‑driven rise in oil and gasoline prices contributed to the Republican loss in the midterm elections, underscoring the political cost of sustained tension. With a potential diplomatic breakthrough, market participants expect less demand for a risk‑off stance, which typically favours lower oil prices.
Regional diplomatic developments
Iraqi Foreign Minister Fuad Hussein announced that Iraq has reached an understanding with the United States to reopen oil shipments through the Strait of Hormuz via a lane near Oman. He quantified Iraq’s economic loss from the war and export disruptions at $60 billion, highlighting the urgency of restoring flow.
Meanwhile, US Secretary of State Marco Rubio cautioned that Iran’s current negotiation demands remain unacceptable, tempering expectations of an immediate breakthrough. The mixed signals – progress in Iraq but tough US stance – keep the market in a wait‑and‑see mode, limiting any strong rally in crude.
Read also: Iraq oil output claim above 5 m bpd challenges OPEC quota talks
Supply‑demand backdrop and technical context
WTI’s price movement reflects the classic supply‑demand dynamics of the oil market. A reduction in perceived geopolitical risk lowers the risk premium, while the US dollar’s strength also weighs on oil, which is priced in dollars. The $89.60 level sits just below the recent weekly low, offering modest technical support.
Inventories remain a key watchpoint. The American Petroleum Institute (API) will release its weekly crude stock data on Tuesday, followed by the Energy Information Administration (EIA) on Wednesday. A surprise draw in inventories could reignite buying pressure, while a build would reinforce the current downside.
What traders should monitor next
Key upcoming events include the API and EIA inventory reports, which could shift the short‑term bias. In addition, the outcome of Iran’s nuclear talks and any further statements from US officials will be closely watched for their impact on the risk premium.
- API weekly crude inventory report – Tuesday, 11/10/2026
- EIA weekly crude inventory report – Wednesday, 11/11/2026
- Potential diplomatic updates from Iran‑US talks – ongoing
- US Treasury and Fed data that could affect the dollar – later in the week
Frequently asked questions
How did President Trump’s comments affect WTI price on 11/9/2026?
Trump said further US strikes on Iran are "highly unlikely" if Tehran makes progress in nuclear talks. The reduced geopolitical risk led traders to trim crude exposure, pulling WTI down to around $89.60, near the $89.50 level.
What regional diplomatic news accompanied the oil price move?
Iraqi Foreign Minister Fuad Hussein said Iraq and the US have an understanding to resume oil exports through the Strait of Hormuz via a lane near Oman, citing $60 billion in losses from the conflict. US Secretary of State Marco Rubio called Iran’s current demands unacceptable, adding nuance to the outlook.
Official data sources
Related news
- Iraq oil output claim above 5 m bpd challenges OPEC quota talks
- Egypt aims for 6.6 bcfd gas output by 2027 as investment drive intensifies
- Guyana oil boom eases global supply crunch
- WTI oil near $86.85 as Gulf supply recovers, natural gas holds $2.927 support
More from ITF
This article is compiled from international market news for information only. It is not investment advice.