Trump says the Iran war is 'effectively over', but keeps the naval blockade; Brent briefly dips below $90
Iran called the remarks 'fake news' and says it will not talk until its seven conditions are met. Oil fell as traders bet the fighting is winding down.
- War began: 28 Feb 2026
- Brent settled: $91.49 (10 Nov)
- Iran's conditions: 7
What Trump said
After meeting Qatar's prime minister at the White House on 9 November, Trump said Iran was "militarily, effectively over". He also said fresh strikes were unlikely, but that US forces were ready to go back in if needed. The US naval blockade of Iranian ports continues, along with a new task force to cut Iran's trade by land and across the Caspian Sea.
Iran's reply
Tehran rejected the idea that talks were planned. Iran has set seven conditions for ending the war, including lifting sanctions, releasing its frozen funds and halting the war on every front. President Masoud Pezeshkian said Iran is open to negotiation but will not give in to pressure. Qatar, which is mediating, called its talks in Washington "positive".
Why it matters for India
The war, which began on 28 February, has disrupted shipping through the Strait of Hormuz. On 10 November Brent crude briefly fell to $89.16, its first dip below $90 since August, before settling at $91.49. Cheaper oil eases pressure on India's import bill and fuel prices.
