Global oil prices

October 10, 2026

Global oil prices fell on Friday after US President Donald Trump indicated progress in talks with Iran and said Washington did not plan an immediate military attack, according to international media reports.

Brent crude futures dropped by 72 cents, or 0.7 per cent, to $103.53 per barrel. US West Texas Intermediate (WTI) crude fell by 52 cents, or 0.6 per cent, to $90.97 per barrel.

Trump said the United States was involved in productive negotiations with Tehran and had no plans to attack Iran before the US midterm elections scheduled for November 3. His remarks raised hopes that diplomatic efforts could reduce tensions in the Middle East and protect global oil supplies.

However, uncertainty remains as the conflict continues to threaten energy supplies and international shipping routes.

Oil prices had increased by nearly 4 per cent on Thursday after attacks on vessels carrying oil from the Middle East. The incidents raised fears of supply disruptions, particularly through the Strait of Hormuz, a major route for global oil shipments.

Any prolonged disruption to shipping through the strait could reduce the supply of crude oil and push prices higher. This has kept investors cautious despite Friday’s decline.

Meanwhile, the United States has imposed fresh sanctions on individuals, networks and 17 vessels linked to Iran’s oil and petrochemical sectors. The measures could add further pressure on Iranian oil exports and complicate efforts to improve relations between Washington and Tehran.

A tropical storm in the Gulf of Mexico has also raised concerns about possible disruptions to US oil production, adding another risk to the global energy market.

Oil prices remain sensitive to political tensions, supply disruptions and changes in investor expectations. Although hopes for progress in US-Iran negotiations have eased some concerns, the situation remains uncertain.

A diplomatic breakthrough could help restore confidence in oil supplies and put further pressure on prices. However, renewed attacks on oil shipments, rising military tensions or tighter restrictions on exports could reverse the decline.

For now, investors are closely watching developments in the Middle East, the Strait of Hormuz and negotiations between Washington and Tehran.