empty
 
 

2026.11.0421:42:14UTC+00Oil Slides on Hopes of Iran Peace Deal

Crude oil dropped roughly 8% on Wednesday to settle near $88 a barrel, extending its decline for a third straight session and touching a one-month low. Traders increasingly appear to be pricing in an end to the Iran conflict after the White House partially linked Republicans’ midterm election losses to the war. Both Washington and Tehran have signaled a willingness to return to talks, with President Donald Trump telling reporters that Iran wants “to make a deal and that could happen.”

Trump also cited elevated gasoline prices as a factor in the Republican defeat, while Vice President JD Vance publicly blamed the war in a post on X. Qatar continues to mediate between the two sides, and Trump told the Financial Times that the United States has no immediate plans to launch strikes against Iran. At the same time, Democratic control of Congress may limit future military spending in the Middle East, fueling expectations of a near-term peace agreement.

On the supply side, fundamentals also pressured prices. A renewal of Gulf exports has pushed the availability of Middle Eastern crude above near-term demand, adding to the downward momentum in the oil market.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $5000 more!
    In November we raffle $5000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback