Oil Price Today, 11 November 2026: Brent Crude Falls Below $90 As Trump Signals De-escalation With Iran; Goldman Sachs Raises Forecasts

Global crude oil prices declined on Tuesday after the conflict between Iran and USA was effectively de-escalated. Brent crude slipped below $90 per barrel for the first time in nearly three months. The decline followed signs that further US military action against Iran could be avoided.

Brent crude futures fell by around $2, or more than 2%, to trade below $90 per barrel. US West Texas Intermediate (WTI) crude also dropped nearly $2, or over 2%, to approximately $85 per barrel.

The latest decline followed a sharp fall in the previous session. Brent had closed 5.85% lower after touching its weakest level since 31 August 2026.

Trump Signals Reduced Military Action Against Iran

Trump said on Monday, 9 November 2026, that further military operations against Iran might not be necessary. His remarks came during an unexpected appearance in the White House briefing room after a meeting with Qatar's prime minister.

The US President indicated that Iran's military capabilities had been significantly weakened. However, he stressed the need for a long-term agreement addressing the country's nuclear programme.

Trump also suggested that another round of military intervention could be avoided if Iran agreed to a strong deal. He linked the possibility of avoiding further action to progress in nuclear negotiations and the reopening of the Strait of Hormuz.

Despite his comments, Trump warned that the US remained prepared to resume military operations if circumstances changed. He also said American forces had identified 38 bridges in Iran that could be targeted during another military operation.

Goldman Sachs Raises Crude Oil Price Forecasts

Investment bank Goldman Sachs has increased its crude oil price projections amid concerns over potential supply disruptions in the Middle East.

The bank raised its December Brent crude forecast from $90 to $105 per barrel. Its WTI projection was also revised upwards from $81 to $94 per barrel.

Goldman Sachs warned that Brent crude could reach $140 per barrel in 2027 under a prolonged supply disruption scenario. This would depend on oil production across the Gulf region remaining substantially below earlier levels.

Geopolitical Uncertainty Remains A Risk For Oil Markets

The possibility of supply interruptions in the Middle East remains a major concern despite recent indications of reduced military activity.

The bank also highlighted the difficulty of securing a lasting diplomatic agreement. Previous supply disruptions and uncertainty surrounding regional production could keep a geopolitical risk premium in oil prices.

JPMorgan analysts expressed similar concerns about the direction of the conflict. They said several economic limits that the US administration had initially been expected to avoid had already been crossed.

The analysts also pointed to the absence of a clear strategy for ending the conflict after seven months of hostilities.

Although Trump's latest remarks have eased immediate concerns over military escalation, uncertainty surrounding Gulf oil supplies continues to affect the outlook for crude prices.

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