Brent tops $100 then slides toward $95 on Iran diplomacy hopes: Nov 7, 2026
Brent climbed above $100 and later traded toward $95 within a $70–120 range linked to the Iran war, with Middle East supply risks and fresh tanker attacks in focus. At the same time, oil is headed for a steep weekly loss of about 12%, described as the largest in years, as hopes for Iran diplomacy and talk of peace coincide with reports of high prices weighing on demand and a returning global glut.
Updated
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Headlines (9)
Carried over from earlier days
- Crude slides toward $93, WTI drops to $87 as Trump rules out immediate Iran strikesgulfnews.com
- Brent Oil’s $70–120 Iran War Range: What the Collapse Toward $95 Is Telling MarketsActionForex
- Oil Prices Head for 12% Weekly Loss Despite Fresh Tanker AttacksOilPrice.com
- Brent Crude Climbs Above $100 as Middle East Oil Supply Risks PersistThe Wall Street Journal
- The Global Oil Glut Returns as High Prices Crush DemandOilPrice.com
- The Iran War Isn't Over, but Oil Traders Are Already Pricing In PeaceOilPrice.com
- Oil heads for steepest weekly decline since 2020 as Iran diplomacy hopes growoilandgas360.com
- Oil Posts Biggest Weekly Drop Since 2022rigzone.com
- Oil prices fall as mid-terms signal possible end to Iran warogj.com
Scheduled events
As of
| Event | Forecast | Currency |
|---|---|---|
| Monday, November 9 | ||
| CPI y/y | 0.8% | CNY |
| PPI y/y | 5.3% | CNY |
| FOMC Member Bowman Speaks | USD | |
| Final Wholesale Inventories m/m | 0.6% | USD |
| FOMC Member Goolsbee Speaks | USD | |
| FOMC Member Barkin Speaks | USD | |
| USD-Denominated Trade Balance | CNY | |
| M2 Money Supply y/y | 7.3% | CNY |