Oil Price Today (November 9): Crude oil falls below $100 again as Trump says fresh attacks ‘highly unlikely’. What are experts saying?
Crude oil price: Prices came under further pressure after US President Donald Trump indicated that he was unlikely to authorise fresh attacks on Iran if negotiations to end the conflict continued to make progress. In a phone interview with CNN, Trump said further military action was "highly unlikely" to be necessary, provided both sides reached a strong agreement.
Oil prices plummeted below $100 once more on November 9, as US President Donald Trump expressed doubts about launching additional attacks on Iran. The sharp decline in crude prices came after a week of record lows since April 2020, driven by traders evaluating the outcomes of the US-Iran conflict and ongoing attacks in West Asia.
Trump dismissed the possibility of fresh attacks on Iran, stating that they were unlikely to be necessary if negotiations aimed at resolving the conflict proceeded positively. In an interview with CNN, Trump reiterated that major US military operations against Iran had not materialized thus far. Iran, however, warned of retaliatory actions targeting US and Israeli interests.
The Democratic victory in the US midterm elections appeared to bolster expectations among traders that the conflict would not escalate significantly, further contributing to the slide in oil prices. Nevertheless, tensions persisted in the region, with Iran-backed Houthi rebels from Yemen launching attacks on Saudi Arabia, damaging the offices of Saudi Aramco, the country's state-owned oil giant.
Experts from major banks, such as Goldman Sachs and JPMorgan, have raised their oil price projections, citing elevated risks to global supplies. Goldman Sachs anticipates a potential surge in Brent crude prices to $140 a barrel by 2027 if oil production in the Gulf region remains notably below its 2025 average. Both Goldman Sachs and JPMorgan emphasized the uncertainties surrounding the conflict and the potential for geopolitical risks to impact oil prices.
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