On Monday, President Donald Trump pointed to falling oil prices as a sign of progress toward a possible settlement with Iran, while U.S. Special Envoy Steve Witkoff announced fresh diplomatic efforts to end the Russia-Ukraine war.
Trump Links Falling Oil Prices to Iran Settlement Hopes
“Oil Prices are DROPPING LIKE A ROCK, down almost $10 a Barrel, A RECORD, because people feel that there will not be a War with Iran,” Trump wrote on Truth Social, adding that Tehran wanted a settlement “as soon as possible.”
During his closing midterm election remarks at Washington’s Lincoln Memorial Reflecting Pool, Trump also said, “It’s going to go down a lot further because we’re winning with Iran, easily winning,” The Hill reported.
While Trump touted a possible diplomatic deal with Tehran, U.S. forces reportedly struck Iran’s Qeshm Island on Monday, amid a series of covert attacks in recent weeks.
Trump Threatens Fresh Strikes On Iran
The president warned that the U.S. could strike Iran’s suspected underground nuclear facility, known as Pickaxe Mountain, saying Washington could target it “in one hour” if necessary.
In an interview with Fox News, Trump also warned that hostilities could resume if Tehran failed to reach an agreement, though he said there was a “very good chance” of a deal.
“If I can make a deal, I would rather do it,” Trump said, adding that diplomacy could “save a lot of lives.”
Oil Slides On Iran Deal Hopes
West Texas Intermediate (WTI), the U.S. benchmark, rose 0.33% to $96.78 per barrel and Brent crude, the international benchmark, gained 0.13% to $104.91. Over the past five trading days, WTI fell 4.78% and Brent declined 9.18%, while both benchmarks gained over the past month, rising 6.36% and 2.87%, respectively.
The decline followed reports that Iran had offered to reopen the strategically important Strait of Hormuz if Washington met certain conditions.
However, it remains unclear whether the U.S. will accept Tehran’s demands. Discussions about potential fresh U.S. strikes against Iran have also emerged.
The Strait of Hormuz is a critical global oil shipping route and disruptions have contributed to higher crude prices and transportation costs.
Notably, during the COVID-19 pandemic in April 2020, U.S. crude futures briefly plunged to around negative $38 per barrel, marking a significantly steeper drop, The Hill report stated.
US Sets Fresh Russia-Ukraine Peace Talks In Abu Dhabi
Separately, Witkoff announced that Washington would mediate working-level negotiations between Russia and Ukraine on Nov. 10–11 in Abu Dhabi.
Discussions will cover postwar security arrangements, de-escalation, humanitarian efforts and potential next steps toward a peace agreement.
Witkoff also said American negotiators would meet representatives from France, Germany, the U.K., the EU and NATO in Brussels this week to discuss security guarantees for Ukraine, Europe’s postwar security framework and economic opportunities for Ukraine’s reconstruction.
“We look forward to building on the progress made in Kyiv, Oslo, and St. Petersburg toward a comprehensive, durable peace agreement that delivers lasting security for generations to come,” Witkoff wrote on X.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Dylan Hayes Photo / Shutterstock
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