Brent Crude Rises from 10-Week Low

2026-11-12 17:20 By Agna Gabriel 1 min. read

Brent crude rose above $94 a barrel on Thursday, extending gains for a second consecutive session as prices attempted to recover from a ten-week low of $91.5 on November 10.

Investors weighed escalating tensions between Washington and Tehran against signs of recovering supply from Saudi Arabia.

President Donald Trump said the US no longer needs a deal with Iran, signalling a shift away from recent diplomatic efforts.

Tehran also maintained a hardline position, with senior official Mohsen Rezaee ruling out the removal of any enriched nuclear material from the country.

Still, Saudi Arabia reported a 26% increase in oil production in October, bringing output to one of its highest monthly levels in years, while Iraq also raised production to a wartime record.

Adding to supply-side pressure, EIA data showed US crude inventories rose by 4.657 million barrels in the week ended November 6, the largest increase since August and a reversal of five consecutive weekly declines.



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Brent Crude Rises from 10-Week Low
Brent crude rose above $94 a barrel on Thursday, extending gains for a second consecutive session as prices attempted to recover from a ten-week low of $91.5 on November 10. Investors weighed escalating tensions between Washington and Tehran against signs of recovering supply from Saudi Arabia. President Donald Trump said the US no longer needs a deal with Iran, signalling a shift away from recent diplomatic efforts. Tehran also maintained a hardline position, with senior official Mohsen Rezaee ruling out the removal of any enriched nuclear material from the country. Still, Saudi Arabia reported a 26% increase in oil production in October, bringing output to one of its highest monthly levels in years, while Iraq also raised production to a wartime record. Adding to supply-side pressure, EIA data showed US crude inventories rose by 4.657 million barrels in the week ended November 6, the largest increase since August and a reversal of five consecutive weekly declines.
2026-11-12
Brent Crude Eases Gains
Brent crude rose to as high as $94.3 a barrel on Thursday before paring gains to $93 a barrel, nearing its lowest since August 31, as signs of recovering Saudi Arabian supply outweighed escalating tensions between Washington and Tehran. Saudi Arabia reported a 26% increase in oil production in October, bringing output to one of its highest monthly levels in years, while Iraq also raised production to a wartime record. Exports remained resilient despite disruptions to the Strait of Hormuz, supported by alternative routes such as Saudi Arabia’s East-West pipeline to the Red Sea and ship-to-ship transfers. Meanwhile, President Donald Trump said the US no longer needs a deal with Iran, signalling a shift away from recent diplomatic efforts. Tehran also maintained a hardline position, with senior official Mohsen Rezaee ruling out the removal of any enriched nuclear material from the country.
2026-11-12
Brent Rises Amid US-Iran Stalemate
Brent crude rose above $93 per barrel on Thursday, recouping some losses from earlier in the week as the US and Iran remain deadlocked in negotiations while avoiding further escalation. A senior Iranian security official stated that the country would not surrender “a single atom” of its enriched nuclear material, rejecting one of Washington’s key conditions for peace talks. Tehran has also reiterated that the US must lift its sanctions and end the naval blockade before the Strait of Hormuz can be reopened. Elsewhere, Ukrainian drone attacks have disrupted refineries accounting for approximately 30% of Russia’s total oil-processing capacity since late October. Despite these developments, the international oil benchmark remains more than 20% below its October peak, as crude supply flows from the Middle East continue to recover. Saudi Arabia told OPEC that crude output surged by 26% in October, marking one of its strongest monthly production levels in recent years.
2026-11-11