Brent: Crude eases from spike on Iran comments – Danske Bank

FXStreetOct 9, 2026 6:52 AM

View all comments（0）



Danske Research Team notes Brent crude briefly surged above USD 105 per barrel to its highest level in nearly a month, driven by reduced Strait of Hormuz traffic and hurricane-related supply concerns. The move reversed after President Trump said the US would not attack Iran before midterm elections and as reports suggested China will resume refined fuel exports, leaving Brent near USD 102-103.

Brent retreats after geopolitical repricing

"The initial move higher was a reaction to the sharp drop in Strait of Hormuz traffic following last week's record number of tanker attacks, alongside concerns over potential production disruptions in the US Gulf Coast as Hurricane Isaias approaches."

"In commodities,Brent crude briefly topped USD 105/bbl yesterday, reaching its highest level in almost a month, before easing to around USD 103/bbl overnight after President Trump said the US would not attack Iran before the midterm elections."

"Reports that China is set to resume refined fuel exports in October also helped ease the fuel market."

"Brent is trading at the 102-103 level this morning after having been as high as USD 106 yesterday."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)

Disclaimer: The information provided on this website is for educational and informational purposes only and should not be considered financial or investment advice.

Comments (0)

Click the $ button, enter the symbol, and select to link a stock, ETF, or other ticker.

Commenting Guidelines

Recommended Articles

Today’s Market Recap: Oil Slumps 8%, Apple and PLTR Earnings Beat Expectations, Marvell Tumbles Over 12%

TradingKey - On November 2, Eastern Time, early gains in US stocks failed to hold as weakness in AI and technology stocks dragged down the S&P 500 and the Nasdaq. A sharp drop in oil prices eased energy cost pressures, lifting fuel-sensitive sectors such as airlines and cruise lines, but failed to o

Japan Markets Closed; South Korea's Kospi Drops Over 3% as SK Hynix and Samsung Tumble 5%

A wave of risk aversion surged on U.S. Election Day. Japanese markets were closed, while the KOSPI plummeted 3.59% at the open, with Samsung Electronics and SK Hynix falling around 5%.

Nasdaq Falls 1.07%, SOX Drops Over 3%; AI-Related Stocks Extend Losses, Marvell Falls Over 12%, Oracle Drops Over 8%

On Monday, November 2, Eastern Time, US stocks posted a mixed performance. The Nasdaq and the S&P 500 gave up early gains to turn lower, while the Dow bucked the trend and advanced. Investors continued to rotate out of tech stocks into other sectors of the market, with attention focused on big tech companies' AI financing plans and M&A transactions. At the close, the Dow Jones Industrial Average rose 0.41% to 51,983.98; the Nasdaq Composite Index fell 1.07% to 25,164.32; and the S&P 500 Index slipped 0.51% to 7,541.40.

WTI Crude Plunges 6% Below $100: What Caused the Sharp Drop in Oil Prices?

On November 2, Eastern Time, international oil prices fell sharply. As of press time, Brent crude futures (UKOIL) dropped 6.3% to $106.2 per barrel, while US WTI crude futures (USOIL) declined 6.4% to $97.4 per barrel.

The Week Ahead: US Midterm Elections and October Nonfarm Payrolls Arrive as Earnings From Apple, Palantir, AMD Take Center Stage

TradingKey - For the week of November 2 to 6, Eastern Time, the US stock market will see the 2026 US midterm elections and the October non-farm payrolls report.

Featured Tools