Crude slides toward $93, WTI drops to $87 as Trump rules out immediate Iran strikes

Crude oil prices dropped toward $93 as Trump rules out immediate Iran strikes Oil prices extended their sharp retreat Thursday, with Brent sliding to its lowest level in about two months as traders bet on diplomacy over a return to war.

As of 9:59 am Beijing time on (Nov. 5, 2026) Brent crude futures stood at $93.63 a barrel, down 99 cents, or 1.05%. WTI futures fell 99 cents, or 1.12%, to $87.13. Murban physical crude slipped $1.27, or 1.24%, to $100.90.

Thursday’s dip follows a steep fall earlier in the week. Brent dropped nearly 8% on Wednesday and traded below $100 for the first time since early October.

It peaked near $118 on Friday and settled at $103.60 on Tuesday. That puts today’s price roughly a fifth below Friday’s peak, by my calculation.

The drop followed Democrats’ sweep of Congress in the US midterms. Vice President JD Vance blamed the Iran war for the Republican losses.

Markets bet Trump may shift toward diplomacy, with Qatar stepping up mediation, and his statement that the US has no immediate plans to strike Iran eased escalation fears.

Caution remains.

Iranian officials say the two sides are still far from an agreement. US officials also told Axios the military is finishing preparations for possible major combat.

The Hormuz disruption remains a physical constraint, and prices below $100 are still well above pre-February levels.

Murban’s roughly $7 premium over Brent futures suggests physical Gulf barrels remain tighter than the paper market.