Friday, November 06 2026

Oil set for sharp weekly drop but Middle East supply concerns provide floor
Oil prices are set for a sharp weekly drop on expectations of a de-escalation of the Iran war after US President ​Donald Trump’s party suffered election losses, but Middle East supply concerns ‌from the conflict continue to provide a floor for the market. Brent crude futures for January rose on Friday by $1.57, or 1.6%, to $99.86 a barrel as of 0222 GMT. US West Texas Intermediate ​futures climbed $1.10, or 1.22% to $91.62 a barrel.Both contracts gained for a second ​day. Still, the Brent contract is on track to drop by 12% ⁠this week after the December contract expired on October 30, while WTI ​is set to drop 12.1% this week. The contracts plunged earlier this week on expectations that ​US Congressional elections on Tuesday, which swung the Senate and House of Representatives to the Democrat party and from Trump’s Republicans, could lead to a de-escalation of the US-Israeli war against ​Iran, now in its ninth month.
Related news categories: business misc oilgas-exploration oilgas-marketing

Thursday, November 05 2026

Oil falls for a fourth day on expectations for lower risk of Iran war escalation
Oil prices fell for a fourth day on Thursday on expectations the losses US President Donald Trump’s Republican Party suffered in Congressional elections this week may reduce the risk ​of further escalation of the US-Israeli war on Iran. Brent futures fell 97 cents, or 1.03% ‌at $93.65 a barrel as of 0211 GMT, while US West Texas Intermediate crude futures were down $1.14, or 1.29%, to $86.98. Both benchmarks tumbled by more than 8% in the previous session to settle at their lowest since August 31.
Related news categories: business misc oilgas-exploration oilgas-marketing

Wednesday, November 04 2026

Oil edges down as investors await US midterm election results
Oil prices slipped in early trade on Wednesday as investors awaited the results of the US midterm elections and their potential impact on peace talks in ​the Middle East, even after industry data showed US crude stocks unexpectedly fell ‌last week. Brent futures fell 26 cents, or 0.25%, to $103.34 a barrel by 0157 GMT. US West Texas Intermediate crude futures fell 53 cents, or 0.55%, to $95.56. In the previous session, Brent eased more than 1% ​to its lowest level in nearly four weeks as traders weighed talks to ​end the wars in Ukraine and Iran.
Related news categories: business misc oilgas-exploration oilgas-marketing

Tuesday, November 03 2026

Oil rises after report of US strike on Iran's Qeshm Island
Oil prices rose in early Asian trade on Tuesday after a report that the United States had struck Iran’s Qeshm Island, raising concerns about an ​escalation of the eight-month conflict and prolonged disruptions to Middle East oil ‌supplies. Brent crude futures rose 48 cents, or 0.5%, to $105.25 a barrel by 0104 GMT while US West Texas Intermediate crude was up 47 cents, or 0.5%, at $96.93 a barrel. Brent crude futures settled $8.66, ​or 7.63%, lower to $104.77 a barrel on Monday.
Related news categories: business misc oilgas-exploration oilgas-marketing

Monday, November 02 2026

Oil slips more than 1% as talks continue on ending Iran war
Oil prices slipped more than 1% on ‌Monday after Iranian and Qatari officials held a third straight day of talks aimed at pushing for a deal to end the US-Israeli war on Iran. Brent crude futures fell $1.59, or ​1.40%, to $111.84 a barrel by 0011 GMT while US West Texas Intermediate crude ​was at $102.56 a barrel, down $1.56, or 1.50%. Brent ended October at its highest ⁠level in six months amid concerns that the US-Iran conflict could escalate ​again after Tuesday’s US midterm elections.
Related news categories: business misc oilgas-exploration oilgas-marketing