Brent dips below $90 for the first time since August as world stocks rally ahead of US inflation data

Brent crude futures fell more than 1.5% on Tuesday, 10 November, briefly slipping below $90 a barrel for the first time since late August, Reuters reported. The drop followed President Donald Trump’s statement that he plans to hold off on new military strikes against Iran while investors hope for US–Iran peace talks.

Stocks rebound

Cheaper oil eased inflation worries. The pan-European STOXX 600 rose about 0.9%, coming within 1% of its all-time high, with banks up 2.6% and oil stocks lagging. Chipmaker Infineon gained 6.6% after forecasting revenue growth of more than 20% in 2027.

In Asia, South Korea’s KOSPI rose 4.4% and Japan’s Nikkei 2.9%. On Monday the S&P 500 posted its biggest one-day jump since April and the Nasdaq closed 2.7% higher, its best day in more than three months. Nvidia, which fell 4.3% on Monday amid scrutiny of CEO Jensen Huang, was little changed before the US open.

All eyes on CPI and the Fed

A Reuters poll expects US consumer prices to have risen 0.3% in October after 0.6% in September, with core inflation at 2.8% year on year. Fed Governor Christopher Waller said the central bank should raise rates next month even if inflation cooled. Traders now almost fully price a 25-basis-point hike in December, versus a 74% chance a week earlier, and the two-year Treasury yield rose to about 4.61%.