Brent Dips Below $90 for First Time Since August as US Signals Restraint on Iran; Natural Gas Hits Four-Week High

Oil prices fell to fresh two-month lows on Tuesday, Nov. 10, 2026, with international benchmark Brent crude briefly dropping below $90 a barrel for the first time since August, after U.S. officials played down the need for further military action against Iran. U.S. natural gas futures moved the other way, rising to a four-week high on colder weather forecasts and record export demand.

Brent touches lowest level since Aug. 31

Brent hit an intraday low of $89.03 a barrel, a level not seen since Aug. 31, CNBC reported. At 10:28 a.m. ET, Brent futures were down $1.93, or 2.1%, at $90.64, while U.S. West Texas Intermediate crude was down $1.44, or 1.7%, at $85.41, according to Reuters. That put both benchmarks on track for their lowest closes since Aug. 28, Reuters said. On Monday, both contracts had closed at their lowest since Aug. 31.

Earlier in the day, Brent's decline had widened its drop over the past week to 12.4%, while WTI was down 11.49% over the same period as of 0820 GMT, Anadolu Agency reported. European natural gas fell 0.88% to €81.77 per megawatt-hour at that time.

Washington signals restraint on Iran

U.S. Secretary of State Marco Rubio said he told Group of Seven allies at a meeting of foreign ministers in Paris that U.S. economic sanctions and the naval blockade of Iran are working well enough that President Donald Trump does not need to conduct major combat operations, Reuters reported. On Monday, Trump said he would hold off on new military strikes for the time being after appeals from regional countries, including Qatar's prime minister during White House talks.

"We're seeing momentum toward the end of this conflict. I think it's going to be ending fairly soon," Trump said after meeting Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani, according to CNBC. Reuters reported that Trump plans to keep the naval blockade in the Strait of Hormuz in place for now. Before the conflict began in February, about 20% of the world's oil supplies passed through the strait.

Strategists at ING said in a note cited by CNBC that "the market has continued to unwind some of the geopolitical risk premium built into prices," adding that signs of recovering regional oil flows and reports that Iran may be softening its position on control of the strait had reduced concerns about prolonged disruption. Not all analysts expect a settlement: Fereidun Fesharaki, chairman of consultancy FGE, told CNBC he did not see prospects for a peace deal, citing wide differences over Iran's enriched nuclear material and control of the strait.

Reuters noted that mutual attacks have continued, with Iranian state media reporting a U.S. strike on Qeshm Island overnight, and that Russian and Ukrainian officials met in Abu Dhabi on Tuesday for their first peace talks since February. Any agreement ending the war in Ukraine could allow Russia, the world's third-largest crude producer in 2025, to export more oil.

Inflation data adds a demand question

U.S. consumer prices rose 0.4% in October, more than the 0.3% economists expected, according to the Bureau of Labor Statistics data reported by CNBC. Reuters reported that investors said the data made a larger Federal Reserve rate increase in December more likely, and that higher interest rates can slow economic growth and reduce demand for oil. The CPI energy index rose 0.7% in October, with gasoline up 1%, after a 5.2% energy increase in September.

Brent started 2026 around $60 a barrel and rose as high as $130 during the escalation of strikes in March and April, CNBC reported.

U.S. natural gas at four-week high

U.S. natural gas futures climbed to about $3.24 per million British thermal units, their highest in four weeks, Kalkine Media reported, with the contract at $3.2487, up 0.95% on the day but still 28.75% below a year earlier. Forecasts turned colder across parts of the central and eastern United States through Nov. 20.

Average gas flows to the nine major U.S. LNG export terminals reached a record 19.3 billion cubic feet per day so far in November, above October's record of 18.4 bcfd, according to the report. Lower 48 production averaged 112.1 bcfd so far this month, down from 113.4 bcfd in October, while storage was estimated at 2.1% above the five-year average in the week ended Nov. 6.

Copper mixed

In metals, benchmark three-month copper on the London Metal Exchange was up 0.31% at $13,939 a metric ton in Asian trading, Reuters reported via Business Recorder, supported by tight supply in China, where the Yangshan import premium rose to a record $230 a ton on Monday and October copper concentrate imports fell 11% from a year earlier. Later in the session, copper lost 1.3% to retest Friday's 3.5-month low, BullionVault reported after the inflation data.