Oil prices decline as diplomatic efforts in the Middle East progress

Oil prices have recorded a decline for two consecutive sessions, with Brent crude falling to approximately 91.15 dollars per barrel by November 10, 2026, the lowest level since late August. West Texas Intermediate (WTI) also retreated to 85 dollars per barrel, marking a 1.7% decrease. This downward trend follows remarks by U.S. President Donald Trump, who signaled optimism regarding the resolution of the conflict in the Middle East following a meeting with the Prime Minister of Qatar.

Despite the diplomatic momentum, the situation remains tense. U.S. Secretary of State Marco Rubio has cautioned against expecting rapid progress. Meanwhile, Democrats in the U.S. Congress are reportedly considering leveraging the December 11 federal funding deadline to prevent a government shutdown as a means to pressure President Trump to conclude the conflict. The market continues to react to both the promise of diplomatic de-escalation and the underlying geopolitical risks that persist in the region.