Monday, November 9, 2026
Oil prices fell sharply on Monday as President Donald Trump met Qatar's prime minister at the White House and Iran weighed proposals from its chief mediator for ending the war. Brent crude, the international benchmark, dropped 5.5 percent to $92.96 a barrel, down from more than $112 at the start of the month.
The meeting brought Sheikh Mohammed bin Abdulrahman Al Thani to the Oval Office while Tehran was reviewing proposals Qatar has put forward to bridge the differences between the United States and Iran over Tehran's nuclear programme. Over the weekend, President Trump told CNN that a resumption of strikes is "highly unlikely" if the United States sees progress in the negotiations — though Secretary of State Marco Rubio said on Sunday that some of Iran's demands for ending the war had at times been "outrageous and ridiculous."
At the pump, the relief is about to cross a line drivers have waited months to see. OPIS analyst Tom Kloza noted Monday that the national average price for gasoline stood at $3.999 a gallon and will "unquestionably" dip below $4 overnight — ending a stretch of 113 straight days with a four-dollar handle. Diesel, he added, will see much less relief.
The fighting has not stopped while the talking goes on: Saudi Arabia said it intercepted incoming missiles aimed at its capital and other regions on Sunday, with falling debris damaging a building belonging to the state oil giant Aramco in Riyadh's financial district.
Stocks climbed as oil fell. The S&P 500 rose through the morning and added to the move by mid-afternoon, the Dow Jones Industrial Average and the Nasdaq Composite rose with it, and Wall Street continued clawing back last week's post-election losses.
For American households, cheaper oil is the fastest form of relief there is: every cent that comes off a gallon of gasoline is money that stays in a family's budget, and a barrel price falling from above $112 toward the low $90s eases the cost of everything that moves by truck — groceries included. If the Qatar channel produces a deal that keeps prices down, drivers will feel it at the pump within weeks.
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