Oil · Daily move

Brent briefly breaks below $90 for the first time since August as Iran de-escalation hopes grow and an API survey points to a surprise US crude build

By VoxTradePro Desk · Published 11 Nov 2026, 08:20 UTC+8 · 3 min read

Brent touched $89.16 on 10 November before settling at $91.49, its lowest close since 31 August. An API report showed a 9 million barrel US crude build.

Brent crude slipped below $90 a barrel on Tuesday for the first time since August. CNBC reported that the global benchmark fell as low as $89.16 during the session on 10 November before recovering to settle $1.08, or 1.17%, lower at $91.49. US WTI crude settled 0.93% lower at $86.04.

The intraday break was brief, but the bigger trend is hard to miss. According to Dow Jones Market Data, Brent has lost $6.83, or 6.95%, over just two sessions, posted its lowest settlement since 31 August, and is down 22.23% so far in November. That follows Monday's 5.85% drop to $92.57, reported by Reuters.

The war premium is leaking out

The main driver is geopolitics rather than a sudden collapse in demand. Gulf News reported that President Donald Trump said he would hold off on further military strikes against Iran after appeals from regional leaders, while keeping the US naval blockade in the Strait of Hormuz in place. CNBC added that Trump said the conflict could end "fairly soon", and that recovering oil flows through the region have eased fears of a long supply shortage.

For most of 2026, traders paid extra for oil because of the risk that supply from the Gulf could be cut. That extra amount is often called a risk premium. When the chance of disruption looks smaller, the premium shrinks, even if physical supply has not changed much yet. Gulf News also noted reports that Middle Eastern producers were cutting prices to attract buyers, a sign that more barrels are competing for customers.

For context, CNBC said Brent began the year near $60. Dow Jones data show its 2026 settlement high was $118.35 on 31 March, and Tuesday's close sits about 22.7% below that peak, while still about 50% higher year to date.

A surprise build in US stockpiles

A second, smaller factor arrived after the close. The American Petroleum Institute's weekly survey showed US crude inventories rising by about 9.0 million barrels in the week to 6 November, according to Trading Economics and OilPrice.com. Analysts had expected a decline of around 1 million barrels, and it was the first build in six weeks.

Other details from the same survey:

Distillates, which include diesel, rose by 1.5 million barrels
Gasoline stocks were almost flat, up about 4,000 barrels
Stocks at Cushing, the WTI delivery hub, rose by 182,000 barrels
About 2.7 million barrels left the Strategic Petroleum Reserve, taking it to 279.5 million barrels

One note of caution: some early data feeds showed this figure as a large draw before OilPrice.com published a corrected version. The official US government numbers from the Energy Information Administration are due on Thursday 12 November, a day later than usual, and will carry more weight.

Relief at the pump

Lower crude is already reaching consumers. Bloomberg, via Moneycontrol, reported that average US gasoline prices fell below $4 a gallon for the first time since July. That matters beyond energy markets, because fuel costs have been a major part of the inflation pressure facing central banks. You can track refined products on our gasoline and heating oil pages.

Risks still on the table

Hopes are not the same as a deal. Gulf News reported a fresh attack on a Saudi pipeline near Medina, and tanker incidents in the region have continued. Both benchmarks are also falling fast, which can make any surprise headline produce a sharp bounce.

Key points to watch:

Any concrete progress, or setback, in US-Iran talks
The EIA inventory report on Thursday, and whether it confirms the API build
Whether Brent holds above or below the $90 area, now a widely watched round number

Our guide on what moves oil prices explains how supply, demand and geopolitics interact, and contango vs backwardation covers how futures curves react when supply fears fade. For scenarios further out, see the crude oil price forecast.

Daily moves of 5% or more are large even for oil. If you trade energy, the position size calculator and liquidation price calculator can help keep risk in check, and the paper trading simulator lets you test a plan with no money at stake.

Sources

Not financial advice. This article is for general information and education only. It is not a recommendation to buy, sell or hold any asset. Prices move quickly and figures quoted may already be out of date; markets involve risk, including the loss of capital. See our disclaimer.