Brent posts biggest weekly drop on Iran peace hopes: Nov 8, 2026
Brent recorded a steep weekly decline, described in reports as the largest in years, as traders priced in hopes for an end to the Iran war after talks involving Trump and Qatar's emir. The move matters for Brent because hopes for diplomacy contrast with ongoing disruption, including near-zero Iran oil exports, Iran saying the Strait of Hormuz will stay closed, and continued fighting.
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Headlines (13)
First seen on November 8
Carried over from earlier days
- 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
- Oil on pace for sharp weekly drop amid post-midterms hopes for Iran war detenteHellenic Shipping News
- Trump, Qatar's Emir Discuss Iran Peace Deal As Brent Suffers Biggest Weekly Drop Since COVID CrashZeroHedge
- Iran Oil Exports Near Zero But Peace Deal Not Likely, FGE Saysgcaptain.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
- Strait of Hormuz will stay closed until US accepts its terms: Iranen.irna.ir
- Iran's Revolutionary Guards say two tankers hit mines and caught fire in Strait of Hormuzflash.jin10.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 |