Live Updates: Trump says he sees no reason to escalate war with Iran, touts his long-term goals in the conflict

Updated on: November 9, 2026 / 6:39 AM EST / CBS News

The price of Brent crude oil, the international standard, fell 2% early Monday morning to $96.38 per barrel, continuing a downward trend seen for more than a week as markets appeared to take hope from President Trump casting doubt on a return to full-scale war with Iran.

U.S. benchmark crude also fell, down 1.5% early Monday to $89.56 per barrel.

Oil prices have been up significantly since the U.S. and Israel launched the war with Iran, and Iran responded by attacking and threatening commercial ships in the key energy supply routes of the Persian Gulf and Strait of Hormuz. They remain about 50% higher than a year ago, before the war began, but down from highs seen during the peak of fighting, when Brent crude soared to near $120 a barrel.

Iran's foreign ministry spokesman said Monday that Tehran's proposal to reduce the implementation period for a possible peace deal with the U.S. to two days from the previous seven was a "sign of goodwill."

Foreign Ministry Spokesman Esmaeil Baqaei told Iranian journalists that any deal with the U.S. must include the core conditions both sides agreed to…

Original source: https://www.cbsnews.com/world/