Oil Futures Erase September and October Gains as Iran De-Escalation Hopes Grow

US and international crude oil benchmarks have reportedly surrendered their gains from September and October during the first ten days of November, as expectations of a possible resolution to the Iran conflict weigh on energy prices.
West Texas Intermediate futures were quoted at $84.83 per barrel, down approximately 18.5% from the referenced earlier level, while Brent crude stood at $90.56, representing a decline of about 19.7%.
The retreat reflects a reduction in the geopolitical risk premium that had supported oil prices during the conflict. Comments from US officials suggesting that further military action against Iran may be unlikely have contributed to expectations of reduced disruption to regional energy supplies.
Despite the decline, oil markets remain sensitive to developments involving Iranian exports, maritime security and shipping through the Strait of Hormuz. A deterioration in diplomatic conditions could quickly reverse part of the recent selloff.