Updated 9 October 2026

Oil prices moved lower on Friday as financial markets reacted to comments from US President Donald Trump indicating there would be no attack on Iran before the US midterm elections. The remarks eased some immediate concern about a further disruption to energy supplies, although geopolitical risks remain elevated.

Reuters reported Brent crude falling by more than 1% to below US$103 a barrel after a sharp rise the previous day. European and many Asian equity markets advanced, while investors remained cautious about borrowing costs, corporate fundraising and the outlook for global growth.

What to watch

The market response remains sensitive to developments around Iran and major shipping routes. A sustained disruption to oil production or transport could push energy costs higher again; calmer conditions could reduce some of the pressure on fuel prices and inflation. Neither outcome is assured.

Investors are also watching upcoming economic data, corporate earnings and central-bank decisions for signs of how high interest rates may remain and whether demand is slowing.

Source: Reuters global markets report, 9 October 2026. This is an independently written summary, not investment advice. Market prices and forecasts can change rapidly.