Crude oil prices fell below $90 per barrel for the first time since August, amid the Middle East conflict.

The global benchmark, Brent crude futures, dropped to $89.70 per barrel early Tuesday morning in Europe after falling almost 6% the previous day, while the US benchmark, West Texas Intermediate (WTI), traded below $85 per barrel.

The decline followed comments from US President Donald Trump that fuelled hopes for an end to Washington’s nearly nine-month conflict with Iran.

The oil market has sharply reversed this month, with prices retreating significantly from the six-month high reached in late October.

Brent crude futures fell to $89.70 per barrel early Tuesday, extending losses recorded in the previous trading session. WTI crude also declined by more than 2%, trading below $85 per barrel.

The latest price movement reflects growing market expectations that diplomatic efforts could help bring the conflict to an end and reduce the risk of further disruptions to global oil supplies.

Trump said further military strikes against Iran would not be necessary, as pressure mounts on his administration to end the conflict following Republicans’ defeat in the US midterm elections.

He said on Monday that the war with Iran could end “fairly soon” and that Tehran was “talking very politely” with Washington.

Speaking at the White House after meeting Qatar’s Prime Minister, Sheikh Mohammed bin Abdulrahman Al Thani, Trump said: “We’re seeing momentum toward the end of this conflict. I think it’s going to be ending fairly soon.”

Trump also said in a Truth Social post that Qatar, Saudi Arabia, the UAE, Bahrain and Kuwait would prefer the status quo, including maintaining a naval blockade against Iran and preventing the country from using ground routes to transport advanced weapons and other materials.

Trump and Vice President JD Vance have both acknowledged that public disapproval of the Iran war and high energy prices played a role in the Republicans’ poor performance in the US midterm elections last week.

Some analysts expect crude oil prices could fall further, arguing that Trump may be reluctant to resume military strikes following the Republicans’ losses in the midterm elections.

According to Bloomberg, Arne Lohmann Rasmussen, chief analyst at A/S Global Risk Management, said the market was betting that Trump would not resume strikes after the election.

“The market is betting Trump won’t resume strikes after the midterm blue wave. Crude could fall further, but I think the biggest move is behind us,” he said.