Brent Extends Historic Weekly Slide on Hormuz De-escalation Signals

Cointime reports: Brent crude fell more than 3% to around $95 a barrel on Nov. 9, extending its biggest weekly decline since April 2020, after an unconfirmed report said Iran had backed off its demand to control the Strait of Hormuz and charge transit fees. President Trump said over the weekend he was “very unlikely” to order a large-scale strike on Iran, though he told CNN it depended on Tehran signing a “very strong deal.” Iran’s IRIB reported fresh overnight U.S. strikes on Qeshm Island, while Secretary of State Rubio played down prospects for a breakthrough.