{"id":74379,"date":"2026-11-09T07:38:12","date_gmt":"2026-11-09T11:38:12","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/oil-prices-retreat-as-iran-signals-concession-on-strategic-waterway\/74379\/"},"modified":"2026-11-09T07:38:12","modified_gmt":"2026-11-09T11:38:12","slug":"oil-prices-retreat-as-iran-signals-concession-on-strategic-waterway","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/oil-prices-retreat-as-iran-signals-concession-on-strategic-waterway\/74379\/","title":{"rendered":"Oil Prices Retreat as Iran Signals Concession on Strategic Waterway"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>Brent crude <a href=\"https:\/\/stockmarketwatch.com\/energy\/crude-oil\" data-internallinksmanager029f6b8e52c=\"12\" title=\"Crude oil\">oil prices<\/a> fell below $96 per barrel<\/strong> during intraday trading on Monday, extending a sharp decline of over 16% from the previous week as geopolitical tensions in the Middle East showed signs of easing.<\/li>\n<li><strong>Iran has reportedly dropped its demand<\/strong> for sovereign control over the <strong>Strait of Hormuz<\/strong> and its proposal to collect transit fees from passing vessels, according to diplomatic sources cited by <em>Israel Hayom<\/em>.<\/li>\n<li><strong>Barrick <a href=\"https:\/\/stockmarketwatch.com\/metal\/gold\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">Gold<\/a> (<a href=\"\/stock\/GOLD\">GOLD<\/a>) reported Q3 production<\/strong> of <strong>816,000 ounces of gold<\/strong> and <strong>50,000 tonnes of copper<\/strong>, reaffirming its full-year 2026 guidance despite rising all-in sustaining costs (AISC) of $1,911 per ounce.<\/li>\n<li><strong>HSBC downgraded US Treasuries<\/strong> to <strong>Neutral<\/strong> from <strong>Strong Overweight<\/strong>, citing resilient US economic data and a more hawkish Federal Reserve stance that has pushed yields higher.<\/li>\n<li><strong>The Bank of England (BoE)<\/strong> faces mounting criticism for its recent 25-basis-point rate hike to <strong>4.00%<\/strong>, with analysts arguing the move into a negative supply shock ignores cooling private sector earnings and low vacancy rates.<\/li>\n<\/ul>\n<h2>Geopolitical Shifts Pressure Energy Markets<\/h2>\n<p><strong>Brent crude oil<\/strong> plunged to an intraday low below <strong>$96\/bbl<\/strong> on November 9, 2026, as the market reacted to reports that <strong>Iran<\/strong> is softening its stance on the <strong>Strait of Hormuz<\/strong>. Diplomatic sources indicate that Tehran has abandoned its controversial demand to impose transit fees on vessels navigating the strategic waterway, which handles approximately one-fifth of global oil supply. This development follows remarks from <strong>US President Donald Trump<\/strong> suggesting that further military strikes on Iran are &quot;highly unlikely&quot; if negotiations continue to progress, significantly deflating the geopolitical risk premium that had previously bolstered prices.<\/p>\n<h2>Barrick Gold Maintains Production Targets<\/h2>\n<p><strong>Barrick Gold (<a href=\"\/stock\/GOLD\">GOLD<\/a>)<\/strong> delivered a steady operational performance in the third quarter, producing <strong>816,000 ounces of gold<\/strong> and <strong>50,000 tonnes of copper<\/strong>. While the company&#39;s revenue of <strong>$5.07 billion<\/strong> slightly missed analyst estimates, adjusted earnings per share of <strong>$0.82<\/strong> beat expectations. The mining giant reiterated its full-year 2026 production guidance of <strong>2.90\u20133.25 million ounces of gold<\/strong>, supported by the continued ramp-up of the <strong>Cortez Goldrush<\/strong> project and record performance at the <strong>Carlin Gold Quarry<\/strong> roaster.<\/p>\n<h2>Monetary Policy and Fixed Income Reassessments<\/h2>\n<p>In the financial sector, <strong>HSBC<\/strong> has shifted its tactical allocation, cutting <strong>US Treasuries<\/strong> to <strong>Neutral<\/strong> from a previous <strong>Strong Overweight<\/strong> position. The bank noted that improving employment data and persistent inflation fears\u2014partly driven by the recent energy shock\u2014have made a &quot;strongly overweight&quot; bond position less tenable in the near term. Simultaneously, the <strong>Bank of England<\/strong> is under fire for its decision to raise rates to <strong>4.00%<\/strong> last week. Critics point out that with <strong>ex-energy CPI at 2.5%<\/strong> and private sector earnings growth slowing to <strong>3%<\/strong>, the central bank may have &quot;boxed itself into a corner&quot; by tightening policy during a period of supply-side volatility.<\/p>\n<h2>Market Outlook and Corporate Dividends<\/h2>\n<p>Despite the broader market volatility, <strong>Barrick Gold (<a href=\"\/stock\/GOLD\">GOLD<\/a>)<\/strong> declared a quarterly dividend of <strong>$0.175 per share<\/strong>, payable on December 15, 2026. The company\u2019s balance sheet remains robust, ending the quarter with <strong>$0.9 billion in net cash<\/strong>. Meanwhile, global investors are closely monitoring the <strong>Strait of Hormuz<\/strong> for formal confirmation of the reported Iranian concessions, as any permanent reopening of the waterway would likely provide further downward pressure on global energy benchmarks and transport costs.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Brent crude oil prices fell below $96 per barrel during intraday trading on Monday, extending a sharp decline 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