Oil heads for steep weekly drop on Iran detente hopes: Nov 7, 2026
Oil is on pace for a sharp weekly drop, described in reports as the biggest since 2022 and as steep as 12%, amid post-midterm hopes for detente in the Iran war despite fresh tanker attacks. Coverage also points to a returning global glut as high prices weigh on demand. WTI settled at $90.52, up 2.72%, with focus on the 200-day moving average near $86.00.
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
- WTI Price Forecast: Clinging to a key support at the 200-day SMA near $86.00FXStreet
- WTI crude oil settles at $90.52, up 2.72% as buyers defend key supportInvestingLive
- Oil Prices Head for 12% Weekly Loss Despite Fresh Tanker AttacksOilPrice.com
- 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
- 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 |