LONDON, November 5, 2026: Global oil prices fell further on Thursday, reaching their lowest levels in two months as expectations of a possible easing or end to the Iran conflict reduced concerns over disruptions to energy supplies.
During Asian trading, Brent crude declined 0.9 percent to $93.74 per barrel, while US West Texas Intermediate (WTI) crude dropped approximately 1.5 percent to $86.83 per barrel, according to market figures cited in media reports.
The latest decline followed a sharp sell-off on Wednesday, when international crude prices fell by more than 8 percent amid growing expectations that hostilities involving Iran could ease.
Market sentiment has been influenced by the prospect of reduced geopolitical tensions, which could ease pressure on oil supplies and lower the risk premium associated with conflict in the Middle East.
US Vice President JD Vance said the impact of the war on fuel prices had contributed to Republican electoral defeats, highlighting the domestic political consequences of rising energy costs.
The latest price movements reflect changing expectations about the conflict’s trajectory, although uncertainty remains over whether diplomatic developments will lead to a sustained reduction in hostilities.
Energy markets continue to monitor developments involving Iran, with the possibility of renewed escalation remaining a factor in global oil price movements.