Trump calls new Iran strikes highly unlikely as Brent sinks to two-month low

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US President Donald Trump said new strikes on Iran were ‘highly unlikely’ if peace talks continue (Liam McBurney/PA) (PA Wire) PA Wire

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U.S. Defense Secretary Pete Hegseth leaves after attending the Association of Southeast Asian Nations' Defense Ministers' Meeting in Cebu, central Philippines, Wednesday, Oct. 28, 2026, (AP Photo/Aaron Favila, Pool) newsweek.com

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Brent crude sank by more than 4 percent to below 93 dollars a barrel on Monday, its lowest level since early September, after President Donald Trump said new strikes on Iran were "highly unlikely" if peace talks continue. The price has tumbled from highs above 115 dollars a barrel late last month, though it remains well above pre-war levels.

The softening came days after Trump threatened an attack on Iran's Pickaxe Mountain site within ten minutes. In an interview with CBS's 60 Minutes aired on Sunday, he said of escalating the conflict: "I'm not looking to. I don't think there's any reason to." He defended the decision to launch the war in late February — "I think, historically, this will be a very good decision," he said — while acknowledging last week that the war played a part in his Republican Party's defeat in the midterm elections.

The political landscape around the war has shifted with it. On Monday, Republican Representative Thomas Massie prepared to force a House vote on eight articles of impeachment against Defense Secretary Pete Hegseth, alleging misconduct in US military operations involving Iran, Venezuela, Yemen and the Caribbean and Pacific, including violations of the War Powers Resolution. House Minority Leader Hakeem Jeffries, whose Democrats won the chamber in last week's midterms, has expressed support for bringing the resolution to the floor. Impeachment requires a simple majority in the House; removal from office would require two-thirds of the Senate.

The oil market has repriced the rhetoric in real time. Susannah Streeter, chief investment strategist at Wealth Club, said investors were assessing signs of progress in Middle East negotiations and that hopes of a more conciliatory approach were helping take the heat out of the market. Chris Beauchamp, chief market analyst at IG, said each passing day adds to the view that no resumption of the war is likely — while noting that one more US carrier has yet to arrive in the region, what he called a hefty dose of uncertainty.

Trump conditioned his restraint on talks continuing, including negotiations on reopening the Strait of Hormuz. Brent, at its lowest in two months, still trades far above where it stood before the war began in late February.