Brent Settles Above $92 Amid US-Iran Tensions

2026-11-11 22:14 By Isabela Couto 1 min. read

Brent crude trimmed gains to settle near $92.7 on Wednesday after touching $94.6 earlier, recovering from a 10-week low amid persistent Middle East tensions.

US Treasury Secretary Scott Bessent reportedly moved from his Washington home to a military base for safety amid growing Iranian threats.

Reports say US officials have recently seen Iran’s plots against American targets reach a more advanced stage and that Bessent’s leading role in the US-Iran war has made him a top target.

Iranian officials denied negotiations are underway.

Security chief Mohsen Rezaei said claims that talks were continuing were aimed at “easing economic pressures and reducing oil prices.” Separately, Secretary of State Marco Rubio reportedly said military action against Iran may not be necessary if economic sanctions and Washington’s naval blockade are working.

Meanwhile, Ukrainian drone strikes have disrupted refineries representing roughly 30% of Russia’s total oil-processing capacity since late October.



News Stream
Brent Settles Above $92 Amid US-Iran Tensions
Brent crude trimmed gains to settle near $92.7 on Wednesday after touching $94.6 earlier, recovering from a 10-week low amid persistent Middle East tensions. US Treasury Secretary Scott Bessent reportedly moved from his Washington home to a military base for safety amid growing Iranian threats. Reports say US officials have recently seen Iran’s plots against American targets reach a more advanced stage and that Bessent’s leading role in the US-Iran war has made him a top target. Iranian officials denied negotiations are underway. Security chief Mohsen Rezaei said claims that talks were continuing were aimed at “easing economic pressures and reducing oil prices.” Separately, Secretary of State Marco Rubio reportedly said military action against Iran may not be necessary if economic sanctions and Washington’s naval blockade are working. Meanwhile, Ukrainian drone strikes have disrupted refineries representing roughly 30% of Russia’s total oil-processing capacity since late October.
2026-11-11
Brent Crude Rises by Over 2%
Brent crude rebounded more than 2% to above $93 a barrel on Wednesday, recovering from a 10-week low driven by persistent tensions in the Middle East and limited progress in peace negotiations. Iran reiterated that it would not surrender any enriched nuclear material, highlighting a key obstacle to talks, while Tehran denied that negotiations with Washington were underway despite President Donald Trump’s suggestion that further US strikes might not be necessary. Meanwhile, Saudi crude production rose 26% in October to 10.56 million barrels per day, its highest level since the war began. In the US, the American Petroleum Institute reported that crude inventories increased by 9 million barrels last week, while distillate stocks gained 1.5 million barrels. Separately, the EIA raised its 2027 forecasts for average US gasoline and diesel prices to $3.73 and $5.03 per gallon, respectively, but maintained its domestic crude production estimate at 14.3 million barrels per day.
2026-11-11
Brent Crude Edges Up Slightly
Brent crude rose around 1% to near $93 a barrel on Wednesday, recovering from a 10-week low as tensions between the US and Iran remained elevated. Prices gained after Iran’s security chief said Tehran would not allow any enriched nuclear material to leave the country, underscoring a major obstacle to negotiations, as Washington insists nuclear issues must be addressed in initial talks to end the conflict. Despite US officials playing down the need for further military strikes, an Iranian security official denied that any negotiations were underway. Meanwhile, shipping risks in the Strait of Hormuz continued to support prices, with 37 vessels attacked in October, the highest monthly total since the war began. A tanker was also struck off Oman, while Iran’s Revolutionary Guards reported that two other tankers caught fire after hitting naval mines. On the supply side, the American Petroleum Institute reported a 9-million-barrel increase in US crude inventories last week.
2026-11-11