Oil rebounds as Iran nuclear stance dims hopes of de-escalation
Oil prices rebounded on Wednesday from the previous session's two-month lows after Iran's security chief said enriched nuclear material would not leave the country.
At 09:34 GMT, Brent futures were up $1.28, or 1.4%, to $92.77 a barrel. US West Texas Intermediate rose 76 cents, or 0.9%, to $86.80. These are intraday quotations, not closing prices.
Continuing shipping attacks also weighed on hopes for a rapid restoration of flows through Hormuz. Analysts said even a deal would leave mine clearance, insurance costs and shipowners' willingness to sail as obstacles.
Earlier report (2026-11-09)
Oil prices extended their decline after Monday's settlement as traders reacted to US President Donald Trump's comments downplaying the likelihood of renewed strikes on Iran if talks progressed. Brent futures fell more than $7 a barrel in post-settlement trading, reaching their lowest level since late August.
Brent had settled at $92.57 a barrel, down $5.75, or 5.85%. US West Texas Intermediate settled at $86.85, down $3.98, or 4.38%, before its decline exceeded $5 in later trading. The settlement prices and the subsequent falls describe different points in the session, not matching final quotations.
The sell-off followed a 16% weekly decline in Brent. Analysts said hopes for diplomacy appeared to be encouraging sellers even while fighting continued. Both the US and Iran reported shipping incidents in or near the Strait of Hormuz, leaving important security risks unresolved.
Trump said on Sunday that further attacks were highly unlikely provided negotiations advanced. A senior Iranian security official, however, told state media that Tehran did not plan to negotiate until Washington took practical steps towards seven conditions in a June interim agreement.
The market reaction therefore reflects expectations of reduced disruption rather than a confirmed peace agreement. Diplomatic activity and continuing shipping risks remain separate factors, and the price figures are a report of Monday's market moves rather than a live trading quote.
