Crude oil benchmarks have fallen sharply in early November 2026, with WTI near $85.50 and Brent around $90 as of November 10, following U.S. President Trump’s comments that the Iran conflict is “effectively over,” which reduced the geopolitical risk premium. Prices had earlier reached 2026 highs above $112 for WTI amid Middle East supply disruptions, Houthi attacks on infrastructure, and constrained flows through the Strait of Hormuz, but recovering exports and softer Chinese import demand have eased balances. Low inventories and elevated tanker rates continue to support a modest premium, while OPEC+ held output targets steady and the EIA projects Brent averaging $105 in Q4 2026. Key upcoming catalysts include the December FOMC meeting, weekly EIA inventory releases, and further diplomatic developments that could either sustain or further unwind the risk premium embedded in current futures.