New York, 9 October 2026 – Oil prices retreated after the United States president said the country would not attack Iran before November’s midterm elections, easing part of the immediate geopolitical premium in crude. West Texas Intermediate moved towards US$91 a barrel after rising 3.6% in the previous session, while Brent had closed above US$104.
The remarks followed what the president described as productive discussions with Iran and continued crude flows through the Strait of Hormuz. They reduced the perceived probability of near-term military disruption but did not resolve the broader conflict. Reports that contingency strike plans had been prepared kept the market attentive to how quickly diplomatic signals could reverse.
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