Brent Crude Falls 6% on Iran Deal Reports
Oil prices slid sharply after reports of an Iranian proposal to reopen the Strait of Hormuz and end attacks on Gulf tankers.
Updated on Nov. 10, 2026 in Oil and Gas
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Brent crude fell 6.32 per cent to $92.11 per barrel on Monday, while West Texas Intermediate dropped 5.01 per cent to $86.28 per barrel. The decline followed reports that Qatar's Prime Minister was carrying an Iranian proposal for an interim agreement to the White House.
Why it matters
The Strait of Hormuz previously carried about 20 million barrels of crude oil and petroleum products daily, so any change in its status moves global supply expectations. Neither government has confirmed the proposed arrangement, and US Secretary of State Marco Rubio said the two sides remained far from a breakthrough.
Brent crude has fallen 16 per cent over the past week, and the Strait of Hormuz previously handled about 20 million barrels per day of crude and petroleum products. Reports say Washington would lift its naval and economic blockade of Iran and release $8 billion in Iranian funds frozen in Qatar under the proposal, which remains unconfirmed.
The players
Marco Rubio
The US Secretary of State said the two sides remained far from a breakthrough in negotiations with Iran.
Abbas Araghchi
Iran's Foreign Minister said Tehran was prepared to reopen the Strait of Hormuz within two days if the war ended on all fronts.
The details
Under the reported proposal, Iran would reopen the strait and stop attacks on Gulf tankers, while Washington would lift its naval and economic blockade. Reports of attacks on vessels in and around the waterway occurred over the weekend, and Iranian Foreign Minister Abbas Araghchi said Tehran could reopen the strait within two days if the war ended on all fronts.
Timeline
February 28, 2026: The conflict between the United States and Iran began.
Last week: Brent crude declined 16 per cent before Monday's drop.
Monday, November 9, 2026: Brent fell 6.32 per cent to $92.11 per barrel.
Market Landscape
Oil prices have swung with the status of the Strait of Hormuz since the US-Iran conflict began on February 28, 2026, when disruption to the waterway that normally carries about 20 million barrels per day tightened global supply. Monday's decline shows traders pricing in the possibility that a negotiated reopening could restore those flows.
Petrol prices in Nigeria may come under downward pressure following the fall in global crude prices. Demand for petroleum products is expected to rise ahead of the Yuletide season, which could partly offset the decline at the pump.
The takeaway
Oil prices are reacting quickly to diplomatic headlines about the Strait of Hormuz, so the market's direction depends on whether an agreement is confirmed. Readers tracking fuel costs should watch for official confirmation before assuming a lasting drop.
What happens next
Whether Iran reopens the Strait of Hormuz within the two-day window it cited, and whether Washington confirms the proposed arrangement, will determine the next move in crude prices.
Further reading
For more on how supply disruptions move the crude market, see Oil and Gas coverage on Wisevoter.
Source note: This article includes information reported by Diaspora Digital Media (DDM News) - Nigeria Breaking News, Africa and World News and Updates -.
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