Oil Price Today (November 10): Crude oil falls below $92 as Trump says Iran war is effectively over. What lies ahead?

Oil prices fell sharply on November 10, 2022, as US President Donald Trump declared the Iran war effectively over. Brent crude futures dropped 81 cents, or 0.88%, to below $92 a barrel, while US West Texas Intermediate (WTI) crude futures declined 79 cents, or 0.91%, to $86 a barrel. Trump made these remarks after a surprise visit to the White House briefing room, stating that Iran is now militarily 'effectively over' and that a status quo is being maintained.

He also mentioned that Iran has been 'decapitated' but is still working to ensure the country's nuclear program is defanged. Trump emphasized that the military action was not necessary and that the US is ready to use its forces for any reason that may arise. However, he warned that the US has identified 38 bridges that could be destroyed within an hour if further military action became necessary.

This development follows Trump's previous statements about the possibility of avoiding another round of military action against Iran if the country agreed to a strong deal.