November 9, 2026: Brent crude prices fell below $94 a barrel late on Wednesday for the first time in two months, before inching up to $97.7 Wednesday evening, as markets weighed the possibility of an end to the Iran conflict following the electoral setback for Republicans in the midterm elections and US President Donald Trump’s acknowledgement that the war was a key factor in his party’s loss.

The Indian crude basket, which averaged $119.9 a barrel in Oct - its highest level since March 2012 - fell to $103.8 on Tuesday, its lowest in two months, amid hopes of a resolution to the US-Iran conflict. Iran’s exemption of commercial ships from four countries, including India and China, from transit restrictions in the Strait of Hormuz has also raised hopes among Indian refiners of improved availability of West Asian crude, their preferred grade, and a further easing of prices.

Brent has surged about 70% this year as the war disrupted supplies from the Persian Gulf, with prices remaining volatile amid threats exchanged between the US and Iran. The post-poll softening, however, will offer little relief to consumers but some respite to oil marketing companies, which are incurring losses on every litre of petrol and diesel sold. Most of them reported strong profit growth in the Sept quarter due to lower crude prices during the three months, but have cautioned that they may have to bear the brunt of higher prices in the current quarter. A sustained decline will offer some relief to them and consumers, as higher energy costs have put pressure on production costs, fuel bills and cooking gas prices.

(Source: TOI)