# Brent crude drops 16% in a week

> Traders bet on US-Iran deal as Brent crude falls 16% to $98.
- Title: Brent crude drops 16% in a week · Startup Fortune | Shortify
- Summary: Traders bet on US-Iran deal as Brent crude falls 16% to $98. Brent crude dropped 16% to $98 a barrel this week as traders anticipated a US-Iran deal…
- Keywords: brent crude, us iran deal, oil prices, startup valuations, fed rate cuts, cpi report, iranian drone attacks, strait of hormuz, Startup Fortune
- Source: Startup Fortune — https://startupfortune.com/brent-crude-drops-16-in-a-week-to-98-as-traders-bet-on-a-us-iran-deal
- Published: 2026-11-08T06:21:28+00:00
- Read time: 2 min
- Topics: brent crude, us iran deal, oil prices, startup valuations, fed rate cuts, cpi report, iranian drone attacks, strait of hormuz, startups, business
## Brent crude drops 16% in a week
Brent crude futures settled at $98.32 a barrel on Friday, November 6, up 3 cents on the day, according to FinanceFeeds.
## Weekly drop to $98
The prior week closed with January Brent at $117.64, which puts the weekly fall at about 16%, the steepest since the Covid-19 shock of 2020.
## Traders bet on US-Iran deal
Traders decided the US midterm elections, which Democrats won in both chambers, clear the way for Washington to cut a deal with Iran, and they sold the war premium before anything was signed.
## Iran's nuclear proposal
Iran reportedly sent a nuclear proposal through Qatar, with conditions that include an end to the US naval blockade, sanctions relief and unfrozen assets.
## Ongoing attacks in Strait of Hormuz
Iranian drone and missile attacks in the Strait of Hormuz continue, and one seafarer was killed in a missile strike on an oil products vessel on November 5.
## Sanctions on Indian and Turkish firms
Washington is also still tightening the screws, expanding sanctions on Indian and Turkish firms accused of helping Iran get around oil restrictions.
## Oil prices impact startup valuations
Brent crude's breach of $100 a barrel on July 23 has pushed the U.S. 10-year Treasury yield to 4.65%, Japan's bond yield to a 30-year high, and Germany's Bund to a 14-year peak.
## Startup valuation consequences
For startups, the direct consequence is compressed valuation multiples and costlier venture debt, arriving just as the Fed's rate-cut window narrows.
## Physical signs of unwind
Saudi Aramco cut its December Asian pricing to six-year lows, with Arab Light at a $7 discount to the Dubai/Oman benchmark.
## Why $98 is not cheap
Because it started from $117.64.A fall of nearly $20 is a big move on any day, but it only takes Brent back to a level that was an energy shock in itself not long ago.
## Key takeaway

Brent crude dropped 16% to $98 a barrel this week as traders anticipated a US-Iran deal, impacting startup valuations and Fed rate decisions.