Business EconomyPosted at: Nov 11 2026 1:23PM


Oil Prices cool to around $92 as Trump says Iran war is 'effectively over'

New Delhi, Nov 11 (UNI) Crude oil prices edged higher on Wednesday after declining for a second consecutive session to their lowest levels since August 31, with Brent crude hovering above the $92-per-barrel mark.
Brent crude futures rose 80 cents, or 0.87 per cent, to $92.29 per barrel, while US West Texas Intermediate (WTI) crude gained 57 cents, or 0.66 per cent, to trade at $86.61 per barrel.
Despite the modest recovery, crude oil benchmarks have come under significant pressure in recent sessions as easing tensions between the United States and Iran have reduced concerns over prolonged disruptions to global oil supplies.
Brent crude has declined around 17% during the recent trading sessions, with crude exports from the Middle East recovering to levels close to those seen before the conflict. The improving supply situation has also raised concerns about a potential surplus in the global oil market, further weighing on prices.
Market sentiment improved after US President Donald Trump indicated that Washington was not considering an immediate return to large-scale military action against Iran. Speaking at the White House after meeting Qatar's Prime Minister Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani, Trump described the war with Iran as "militarily ... effectively over".
"We're just keeping it the status quo," Trump told reporters, signalling a preference for maintaining the current situation rather than escalating military operations. The comments have eased concerns over further supply disruptions in the Middle East, a key oil-producing region, contributing to the recent correction in international crude prices.
Trump described negotiations as showing "positive momentum", and said there was a "good chance" the conflict could end."They're talking to us, and they're talking very politely, And we'll see what happens," he said.He added that military action did not currently appear necessary, although US forces remained prepared to resume operations if circumstances changed.UNI VK AAB
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