U.S. Eases Off Iran Military Action; Oil Prices Hit Lowest Since August

January Brent Futures at $91.49 per Barrel
Iran Denies Talks with U.S. Will Resume

International oil prices fell to their lowest level since late August amid speculation that the United States was less likely to launch further military operations against Iran. Iran, however, categorically denied reports that negotiations with the United States would resume and reiterated that it would maintain its blockade of the Strait of Hormuz.

On November 10 (local time), Brent crude futures for January delivery settled at $91.49 per barrel on the ICE Futures Europe exchange in London, down 1.17% from the previous session. West Texas Intermediate (WTI) crude futures for December delivery settled at $86.04 per barrel on the New York Mercantile Exchange, down 0.93% from the previous session. Both Brent and WTI closed at their lowest levels since August 31.

U.S. Secretary of State Marco Rubio speaks to reporters at the Group of Seven (G7) foreign ministers' meeting, which is in its second day in Paris, France. Paris, France = Reuters-Yonhap News.

Speculation that the United States would refrain from further military operations against Iran for the time being contributed to the decline in international oil prices. According to AFP and other outlets, U.S. Secretary of State Marco Rubio told reporters at the Group of Seven (G7) foreign ministers' meeting, which is in its second day in Paris, France, that "(economic) operations are so devastating that large-scale combat operations are not necessary right now."

Rubio said President Donald Trump had "concluded that there is no need for large-scale combat operations at this time" because "we are achieving the same objectives through economic means." He said the U.S. blockade operation had already constrained Iran's oil supplies and that pressure on the Iranian regime was mounting.

European foreign ministers attending the G7 meeting also urged the United States to avoid escalating the conflict with Iran. British Foreign Secretary Ed Miliband said, "We need to move beyond a stalemate that is neither war nor peace," and noted that the current instability in the Middle East was causing serious economic hardship for countries.

The United States, however, did not completely rule out further military action. Rubio warned that U.S. forces were ready to respond if Iran crossed America's "red line," and that Iran would pay a "terrible price." He also said that Iran was not currently approaching negotiations realistically, but would eventually recognize the economic realities.

Iran also took a negative stance toward reaching an agreement with the United States. Mohsen Rezaei, secretary of Iran's Supreme National Security Council (SNSC), said in an interview with the Lebanon-based Al Mayadeen on Tuesday that "it is completely false to claim that the United States is continuing negotiations with Iran and holding talks in Qatar." Rezaei criticized U.S. actions as deceptive, saying they served the "shallow purpose of easing economic pressure and lowering international oil prices." He also reiterated that Iran would not lift its blockade of the Strait of Hormuz until its seven conditions were met.

Iranian Foreign Minister Abbas Araghchi also told Iran's state-run IRNA news agency that "the conflict with Iran cannot be resolved through military means or by intensifying sanctions," adding that "the only solution is to engage in diplomacy with a language of respect and consider Iran's demands."

This content was produced with the assistance of AI translation services.