Daily newsletter · Tue 10 Nov 2026
An $8 billion Iranian proposal reached the White House and took another 4% off oil
West Texas Intermediate settled at US$86.85 on Monday, down 4.4%. Brent dropped below US$93. Both have been sliding since Iran and the United States began signalling they would rather talk than fight.
Qatar's prime minister is carrying the paperwork. An Iranian proposal landed at the White House on Monday. Iran would reopen the Strait of Hormuz and stop attacking tankers in the Gulf.
Washington's side of it is larger than it looks. It would lift the naval and economic blockade of Iran and release US$8 billion of Iranian money frozen in Qatar. Tehran has dropped its demand to control the strait and charge ships to pass.
Two things could still sink the whole thing. Iran will not discuss its nuclear programme, and several of Donald Trump's cabinet oppose any deal. Trump said further American strikes are "highly unlikely" if the talks produce a strong result.
whether barrels actually move. Iraq has separately agreed with Washington to lift its own exports through Hormuz, and cargoes leaving port can be counted. The Iranian proposal has not been signed by anybody.
More in
All stories →- Monday 9 November Energy stocks had their worst week since April 2025 as the war premium drained out of oil
- Tuesday 3 November Oil fell more than 7% because Iran and the United States started talking
- Saturday 31 October Exxon Mobil and Chevron touched record highs as refining profits soared
General information and commentary only, not financial advice. It does not take account of your objectives, financial situation or needs, and reflects the author's own reading of public information at the time of writing, which may be wrong. Sharespective, its people and its clients may hold positions in the companies covered. Do your own research and talk to a licensed adviser.