Oil Prices Decline as Trump’s Iran Talks Comments Ease Supply Fears

SINGAPORE — WEB DESK: Global oil prices fell on Friday, October 9, after US President Donald Trump signalled progress in negotiations with Iran and indicated that Washington was not planning military action against Tehran before the upcoming US congressional elections.

The remarks reduced immediate concerns about further disruptions to Middle Eastern energy supplies, although crude prices remained elevated amid continuing geopolitical and shipping risks.

Global crude oil prices

Brent crude

$102.91

1.3%

−$1.37

US WTI crude

$90.40

1.2%

−$1.09

Futures prices at 04:50 GMT, October 9, 2026. Intraday snapshot, not closing prices.

Trump Signals Progress in Iran Negotiations

Trump said on Thursday that the United States was engaged in productive discussions with Iran and had no plans to launch an attack before the November 3 midterm congressional elections.

His comments followed reports suggesting that Washington had been considering further military action.

The change in rhetoric offered some reassurance to energy markets, which have been sensitive to developments involving Iran and shipping through the Persian Gulf.

However, no ceasefire agreement or comprehensive settlement was announced.

Iranian Foreign Minister Abbas Araghchi said Tehran was reviewing the American response to an Iranian proposal that could allow the Strait of Hormuz to reopen within seven days.

The proposal’s implementation remains uncertain, and the waterway’s security continues to be a major concern for international energy traders.

Strait of Hormuz Remains a Major Supply Risk

The Strait of Hormuz is one of the world’s most important oil transportation routes.

Before the conflict, shipments through the waterway represented roughly one-fifth of global oil and fuel movements.

Recent threats to commercial shipping have increased market volatility and raised concerns about the availability of crude oil and refined petroleum products.

Although the latest diplomatic comments helped reduce immediate fears, traders continue to monitor whether negotiations lead to concrete security improvements.

Brent crude had gained approximately 4% during Thursday’s session and was still positioned for a weekly increase despite Friday’s decline. WTI, meanwhile, was heading towards a modest weekly loss.

US Sanctions and Chinese Fuel Exports

The United States also announced further sanctions targeting networks involved in transporting Iranian petroleum.

The measures included individuals, commercial networks and 17 vessels associated with Iranian crude oil, petroleum products and petrochemical shipments.

The restrictions showed that Washington was maintaining economic pressure on Tehran even while discussing a possible diplomatic settlement.

Meanwhile, China was preparing to resume refined fuel exports following a temporary suspension during its Golden Week holiday.

The resumption could help relieve pressure on global diesel, gasoline and aviation fuel markets.

Hurricane Disrupts US Oil Production

Oil markets were also affected by Hurricane Isaias in the Gulf of Mexico.

Energy producers had shut down approximately 1.3 million barrels per day of production by Thursday, equivalent to 62.9% of the region’s operating oil output.

The temporary shutdowns provided some support to crude prices by reducing available supplies.

The International Energy Agency had also agreed to accelerate the release of emergency oil stocks and prioritise diesel supplies under an existing market stabilisation plan.

Despite Friday’s price decline, global energy markets remain exposed to developments in the Middle East, changes in sanctions policy and disruptions to oil production.

Further price movements will depend on whether US-Iran negotiations produce tangible progress and whether shipping conditions improve through the Strait of Hormuz.