Updated 11 November 2026, 06:45 GMT. Brent crude futures were at $92.53 on Wednesday morning, up about 1.1 percent, after settling Tuesday at $91.49, down 1.17 percent, its lowest settlement since August (Yahoo Finance, CNBC). Brent briefly traded below $90 on Tuesday for the first time since August. Verdict: a small bounce after the market priced in more of a US-Iran settlement; nothing on the supply side has changed overnight. Reference levels: $98 above, $89 below.
Key facts
- Tuesday settlement: Brent $91.49, down 1.17 percent; WTI $86.04, down 0.93 percent (CNBC).
- Tuesday low: Brent touched $89.15, its first trade below $90 since August (Yahoo Finance, CNBC, Oilprice.com).
- Wednesday: Brent $92.53 and WTI $86.68 at 06:36 GMT (Yahoo Finance futures quotes).
- Two-day move: Brent settled at $98.32 last Friday, so it is down about 5.9 percent from there even after Wednesday’s bounce.
- Driver: President Donald Trump said the Iran war could end “fairly soon”, according to CNBC.
- From the peak: Brent has fallen about 22 percent from its late-October high near $118, according to Oilprice.com.
Why Brent broke below $90
CNBC reported that the sell-off on Tuesday came on hopes of US-Iran de-escalation after Trump’s remark that the war could end “fairly soon”. Oilprice.com reported that crude flows through the Strait of Hormuz have largely recovered and that rising OPEC output added to the pressure. The intraday low of $89.15 was the first print below $90 since August, though the contract recovered to settle above it.
The move extends the slide our Tuesday Brent page covered after Monday’s 5.85 percent drop. Our Monday page set out the position before that fall.
Why the bounce matters, and why it may not last
Wednesday’s gain of about a dollar is modest against a fall of almost $27 from the late-October high. Analysts quoted by Oilprice.com described the market as unwinding part of its geopolitical risk premium while talks remain uncertain. Tehran has not confirmed formal negotiations, according to the same reporting, which leaves room for the premium to return if the diplomacy stalls.
US inflation adds a second layer. The October consumer price index released on Tuesday came in above forecasts, with headline prices up 0.4 percent on the month and the core measure up 0.3 percent, according to reports on the Bureau of Labor Statistics release. Investing.com reported that futures now fully price a 25 basis point Federal Reserve rate increase in December. Higher rates and a firmer dollar tend to weigh on oil demand expectations. Our gold page from Monday previewed the same CPI report.
Brent price: bull, base and bear
| Scenario | Brent | What has to happen | Anchor |
|---|---|---|---|
| Bear | $89 | Talks gain formal momentum and Hormuz flows stay normal. | Tuesday’s $89.15 low (Yahoo Finance); about 3.7 percent below $92.53. |
| Base | $90-$95 | The market holds near Tuesday’s settlement while waiting for news from Tehran and this week’s supply reports. | Tuesday’s $91.49 settlement and Monday’s $92.57 settlement. |
| Bull | $98 | Talks stall or shipping is hit again, bringing back a risk premium. | Last Friday’s $98.32 settlement; about 6.3 percent above $92.53. |
The bear case sits below the current price. These are reference levels measured from Wednesday’s 06:36 GMT futures quote, not forecasts.
What to watch
- $90: Tuesday’s break below it did not hold at the settlement.
- OPEC’s monthly oil market report: due this week, with production data for October.
- US weekly inventory data: from the Energy Information Administration later this week.
- Tehran: any confirmation of formal talks, or any new incident in or near the Strait of Hormuz.
- The Fed: December hike pricing after the hot CPI print.
Quick take: Brent settled at $91.49 on Tuesday, its lowest settlement since August, after briefly dipping below $90. It bounced to $92.53 early on Wednesday. Peace hopes and recovered Hormuz flows are driving the decline; unconfirmed talks are the main risk to it. $89 is the downside reference, $98 the upside.
FAQ
What is the Brent crude oil price today?
Brent futures were at $92.53 at 06:36 GMT on Wednesday 11 November, according to Yahoo Finance, after settling at $91.49 on Tuesday.
Did Brent fall below $90?
Briefly. Brent touched $89.15 on Tuesday, its first trade below $90 since August, before settling at $91.49 (CNBC, Yahoo Finance).
Why are oil prices falling?
Hopes of an end to the US-Iran conflict, recovered crude flows through the Strait of Hormuz and higher OPEC output, according to CNBC and Oilprice.com.
What is the WTI price today?
WTI was at $86.68 at 06:36 GMT on Wednesday after settling at $86.04 on Tuesday.
How far has Brent fallen from its high?
About 22 percent from its late-October high near $118, according to Oilprice.com.
What are the key Brent levels?
Tuesday’s $89.15 low and the $90 round number below; Monday’s $92.57 settlement and last Friday’s $98.32 settlement above.
Sources: CNBC, 10 November 2026 (settlements, sub-$90 move, Trump remark); Yahoo Finance futures data, 6-11 November 2026 (settlements, Tuesday low, Wednesday quotes); Oilprice.com, 10-11 November 2026 (Hormuz flows, OPEC output, decline from the October high, analyst views); Investing.com, 10-11 November 2026 (CPI and December rate pricing).
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Commodity prices are volatile. Do your own research and consult a licensed financial adviser before making investment decisions.
