Oil prices fell on Friday after US President Donald Trump said Washington was holding productive discussions with Iran and would not attack the country before the November midterm elections, easing fears of an immediate escalation in the conflict.
Brent crude fell to $103.07 per barrel on Friday, October 9, 2026, down 1.16% from the previous session, according to the CFD benchmark tracked by The High Street Journal. Despite the daily decline, Brent remains 64.31% higher than a year ago.
Reuters reported that Brent futures fell by 92 cents, or 0.9%, to $103.36 a barrel in early trading on Friday, following a roughly 4% rise on Thursday. The market had climbed as concerns grew that the United States could launch fresh strikes against Iran.
Trump said on Thursday that the United States was having “productive discussions” with Iran and would not attack before the November 3 elections. However, Washington is maintaining its naval blockade of Iranian ports and has imposed fresh sanctions on individuals and vessels linked to the transport of Iranian oil.
Strait of Hormuz remains a concern
Although Trump’s comments eased immediate fears of a US attack, uncertainty remains over oil shipments through the Strait of Hormuz.
The waterway handled shipments equivalent to about 20% of global oil and fuel consumption before the conflict, making it one of the world’s most important routes for energy supplies.
Threats to tankers in the Gulf and around the strait have increased in recent weeks, contributing to sharp price movements. Iran’s Tasnim news agency reported that Foreign Minister Abbas Araqchi was reviewing a US response to Tehran’s proposal to reopen the waterway within seven days.
Any agreement that allows ships to move more freely through the strait could help restore supplies and ease pressure on prices. For now, however, the route remains a major concern for the oil market.
Hurricane disrupts US production
The market is also facing supply disruptions in the United States, where Hurricane Isaias has forced oil companies to suspend offshore operations in the Gulf of Mexico.
About 1.3 million barrels of oil per day, representing 62.9% of current production in the region, had been shut in by Thursday, according to the US Marine Minerals Administration.
Shell, Chevron and other producers have reduced operations or evacuated personnel ahead of the storm, which is expected to reach the US Gulf Coast. The shutdowns could remove a significant amount of crude from the market while companies wait for conditions to improve.
The disruption is helping limit the decline in oil prices, even as Trump’s comments ease concerns about an immediate escalation with Iran.
Prices remain volatile
Brent’s decline on Friday follows a week of sharp movements driven by developments in the Middle East and concerns about global supplies.
Prices rose by about 4% on Thursday as fears of possible US strikes on Iran coincided with increased threats to oil shipping and production cuts caused by the hurricane. They then fell on Friday after Trump ruled out an attack before the elections.
The US continues to put economic pressure on Iran through sanctions, while negotiations have yet to produce an agreement to end the conflict and restore normal shipping through the Strait of Hormuz.
For now, Brent has eased from Thursday’s highs, but continued risks to Middle Eastern shipments and US production are keeping prices well above levels seen before the conflict intensified.
