Oil posts biggest weekly drop since 2022 on Iran peace hopes: Nov 8, 2026
Oil prices fell to their biggest weekly drop since 2022 as hopes for Iran diplomacy grew and traders priced in a possible end to the Iran war. The decline comes even as clashes continue, with explosions reported in Qeshm and on two tankers in the Strait of Hormuz, which Iran says will stay closed until the US accepts its terms.
Updated
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Headlines (14)
First seen on November 8
- Iran war live: Explosions hit Qeshm; US moves to block land supply routesAl Jazeera
- IRGC navy reports explosions on two tankers in Strait of Hormuzen.irna.ir
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
- WTI holds gains around $90.50 on Middle East supply risks despite steep weekly lossFXStreet
- 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
- 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 They Opened Fire on US Side in Strait of Hormuz Last Nightwallstreetcn.com
- 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 |