President Trump claims military operations in Iran are over.pic.twitter.com/6y8arIJAeN https://t.co/66EX5IblwX
— Financelot (@FinanceLancelot) November 9, 2026
Brent crude briefly fell below $90 a barrel Tuesday, extending a two-day decline after Trump said he would hold off on further strikes against Iran. Oil was above $118 on October 30. That’s a steep reversal in less than two weeks, and it’s helping stocks recover from last week’s selloff. But the U.S. blockade of the Strait of Hormuz remains in place, shipping attacks haven’t stopped, and there is no peace deal. Traders are betting the worst escalation can be avoided. They aren’t buying a settlement yet.
There’s another reason oil matters this morning: the October CPI report is due at 8:30 a.m. ET. Economists expect headline inflation to rise 0.3% for the month, down from September’s 0.6%. A softer number could give markets some breathing room, but traders are already pricing in roughly an 82% chance of a December Fed rate hike after last week’s stronger jobs report. Cheaper oil helps. It doesn’t erase the rest of the inflation problem.
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