By Irina Slav -Nov 12, 2026, 11:45 PM CST
Petroleum costs were on course to reserve their 2nd week of losses today, after 2 successive days of gains on news from the Middle East.
At the time of composing, Brent crude was trading at$95.87 per barrel, with West Texas Intermediate at$88.49 per barrel. These cost levels are a sharp decrease from the peaks struck in mid-October, however are still substantially greater than what Brent crude and WTI traded at in February, before the war began.
Signals about that war stay combined. There seems just a moderate danger of severe escalation, however on the other hand, Iranian attacks on tankers in the Strait of Hormuz continue, and the possibilities of a peace offer stay remote, after President Donald Trump stated today, “We do not require a handle Iran” which “Those days have actually long given that passed. We’ve got their cash, Hundreds of Billions of Dollars, and we’ve got their Strait!”
The Iranian side might disagree with that, and it appears it is not budging on the conditions it has actually set for a peace offer. In the meantime, reports from Iranian sources about tankers getting targeted in Hormuz continue. The most recent such report has to do with 4 vessels that did not abide by Iran’s guidelines for crossing the strait and were assaulted.
In Saudi Arabia, on the other hand, the Yemeni Houthis continue their attacks, with the most recent ones targeting energy websites, consisting of a pumping station on the East-West pipeline and a center in the port city of Yanbu.
Nevertheless, Saudi Arabia stated its petroleum production had actually rebounded to 10.56 million barrels daily last month, which is basically the level of production from before the war began. Aramco’s president stated the business prepares to raise this even more in the staying months up until completion of the year.
By Irina Slav for Oilprice.com
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Irina Slav
What I Cover Irina Slav has actually been discussing worldwide energy markets because 2007, covering the oil and gas market, energy security, products, and the …
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