Physical Gulf crude prices climb despite futures decline

Crude futures slipped Monday as Trump signaled he is unlikely to order new strikes on Iran while talks progress. Physical Murban crude, however, rose more than 3%, a sign that real-world barrels remain tight. Brent futures were at $97.49 a barrel, down 83 cents, or 0.84%, as of 9:27 am Beijing time on Nov. 9, 2026. WTI futures fell 35 cents, or 0.39%, to $90.48. Murban physical crude rose $3.28, or 3.42%, to $99.17, which puts it about $1.70 above Brent futures. Natural gas futures eased 0.20% to $2.992. Oil fell at Monday's open after Trump said it was highly unlikely he would order fresh attacks on Iran as long as talks to end the conflict progress.