{
  "id": 19086307,
  "title": "Oil dips again on Iran talks hopes, but physical Gulf crude climbs",
  "url": "https://urgent.news/2026/11/09/oil-dips-again-on-iran-talks-hopes-but-physical-gulf-crude-climbs",
  "topic": "world",
  "section": "World",
  "published": "2026-11-09T03:58:58.000Z",
  "source": {
    "name": "Gulf News",
    "slug": "gulf-news",
    "url": "https://gulfnews.com/business/energy/oil-dips-again-on-iran-talks-hopes-but-physical-gulf-crude-climbs-1.500740662"
  },
  "original_language": "en",
  "account": "Oil prices dipped on Monday as President Trump signaled a reluctance to order new strikes against Iran while diplomatic discussions continue. However, physical Gulf crude showed a significant rise of over 3%, indicating that real-world supply remains limited. According to Oilprice.com, Brent futures fell to $97.49 a barrel, while West Texas Intermediate (WTI) futures declined to $90.48. Murban physical crude increased by $3.28, or 3.42%, to $99.17, sitting around $1.70 above Brent futures. Natural gas futures also saw a slight decrease of 0.20% to $2.992. The decline in oil prices follows President Trump's statement that it is highly unlikely he would order fresh attacks on Iran as long as peace talks progress. The slide in oil prices is part of a broader trend, with Brent settling at $98.32 on Friday after losing more than 16% in a week, its steepest weekly drop since 2020, while WTI fell nearly 13%. The sell-off reflects bets on a potential de-escalation between the United States and Iran following the recent election. However, the conflict is far from resolved. A tanker was reported burning in the Strait of Hormuz on November 8, and only one vessel transited the area on November 1, according to IMF PortWatch data. The rise in Murban crude suggests that buyers are willing to pay more for Gulf supply even as futures prices fall. This gap between physical and futures markets highlights ongoing supply concerns. Moving forward, it will be crucial to monitor the outcome of US-Iran talks and any incidents in the Hormuz Strait, as well as Tuesday's US inflation data. A resolution could continue the downward trend, while new tanker attacks or a decision to strike could quickly reverse the situation.",
  "summary": "Crude futures slipped Monday as Trump signaled he is unlikely to order new strikes on Iran while talks progress. Physical Murban crude, however, rose more than 3%, a sign that real-world barrels remain tight. According to industry tracking site Oilprice.com, Brent futures were at $97.49 a barrel, down 83 cents, or 0.84%, as of 9:27 am Beijing time on Nov. 9, 2026. WTI futures fell 35 cents, or…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Haaretz",
        "title": "The Iran war may end, but Tehran's threat to the Gulf won't",
        "url": "https://urgent.news/2026/11/09/the-iran-war-may-end-but-tehrans-threat-to-the-gulf-wont",
        "published": "2026-11-09T02:25:13.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}