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Last 24 hours
Nov 09, 01:54 → Nov 10, 01:54
WTI drops 4.4% as Trump downplays further Iran strikes
WTI December futures declined 4.4% to $86.85 and Brent January fell 5.8% to $92.57 after Trump told CNN further strikes on Iran were highly unlikely if negotiations progressed. Trump also held a closed-door White House meeting with Qatar's prime minister on Doha's mediation efforts. The drop came even as attacks on Saudi Arabia and Hormuz shipping continued.
Aramco Riyadh office damaged by shrapnel after attempted attack
Saudi Arabia's Energy Ministry said falling shrapnel struck an administrative building belonging to Saudi Aramco in Riyadh after an attempted attack on Sunday. The ministry reported limited damage and no casualties. Saudi air defenses intercepted several missiles targeting the kingdom, according to the Saudi-led coalition.
Tanker struck by projectile in Strait of Hormuz
The UK Maritime Trade Operations reported that an outbound tanker was struck by an unidentified projectile while passing through the Strait of Hormuz on Sunday. The crew was safe and no environmental impact was reported. The incident kept maritime security concerns alive despite diplomatic efforts.
Rubio doubts Iran deal as Tehran says talks stalled
Seeking Alpha reported that Rubio cast doubt on an Iran peace deal while Trump signaled reluctance to resume military strikes. News18 reported that Iranian Foreign Minister Abbas Araghchi said negotiations with Washington had made no progress and Tehran was waiting to see whether the US position would change after the elections. The mixed signals came as Qatar's prime minister met Trump.
Brent spread narrows as physical crude slips below futures
The spread between nearest Brent futures contracts narrowed to around $2.60 a barrel from nearly $4 at the end of last week, News18 reported. Physical crude prices also slipped below futures prices. The market indicators suggested that supply tightness may be easing even as attacks on Saudi Arabia and Hormuz shipping continued.
Weekly brief
Nov 03, 01:54 → Nov 10, 01:54
WTI and Brent slump as Trump downplays further Iran strikes
WTI December futures fell 4.4% to $86.85 and Brent January fell 5.8% to $92.57 after Trump told CNN further strikes on Iran were highly unlikely if negotiations over its nuclear program and reopening the Strait of Hormuz progressed. Trump also warned Washington had identified 38 Iranian bridges it could destroy within an hour if needed. The remarks came as the Qatar prime minister met Trump at the White House.
WTI falls below $85.50, lowest since August, on diplomacy hopes
WTI fell below $85.50 to around $85.30 in early Tuesday trade, down 4.95% and at its lowest since August, according to Mitrade. The move came on optimism around diplomatic efforts to end the Middle East war, even as attacks in the region continued. Traders were bracing for the American Petroleum Institute's weekly crude oil stock report later on Tuesday.
Qatar PM meets Trump as Iran says talks made no progress
Qatar's prime minister and foreign minister, Sheikh Mohammed bin Abdulrahman Al Thani, met Trump and Vice President JD Vance in Washington to discuss advancing US-Iran talks, according to Mitrade. Iranian Foreign Minister Abbas Araghchi said negotiations with Washington had made no progress. Rubio cast doubt on an Iran peace deal while Trump signaled reluctance to resume strikes.
Qatar-Pakistan proposal would cap Iran enrichment at 3.67%
An Al Arabiya source cited by Mitrade said a new Qatar-Pakistan proposal would allow Washington to permit Iran to enrich uranium on its soil up to 3.67%, with Tehran agreeing to that limit. The initiative is part of efforts to relaunch negotiations, alongside a US offer to release Iranian assets valued between $6 billion and $9 billion if an agreement is reached.
Houthi attack damages Aramco office in Riyadh
Saudi Arabia's Energy Ministry said falling shrapnel struck an administrative building belonging to Saudi Aramco in Riyadh after an attempted attack on Sunday, causing limited damage and no casualties. Saudi air defenses intercepted several missiles targeting the kingdom, according to the Saudi-led coalition. The Houthis claimed responsibility for the attack, Mitrade reported.
Tanker struck by projectile in Strait of Hormuz
The UK Maritime Trade Operations reported that an outbound tanker was struck by an unidentified projectile while passing through the Strait of Hormuz on Sunday. The crew was safe and no environmental impact was reported. The incident kept maritime security concerns alive even as diplomatic efforts gathered pace.
Iran claims three oil tankers caught fire in Hormuz
Financial Juice reported that Iran claimed three oil tankers caught fire in the Strait of Hormuz on Tuesday, citing IRIB. The claim added to concerns about shipping through the strategic waterway during a week of attacks on tankers and Saudi energy infrastructure. The report gave no further details on damage or casualties.
Brent spread narrows as physical crude slips below futures
The spread between the nearest Brent futures contracts narrowed to around $2.60 a barrel, down from nearly $4 at the end of last week, according to News18. Physical crude prices also slipped below futures prices. The market indicators suggested that supply tightness may be easing even as attacks on Saudi Arabia and Hormuz shipping continued.
Global refinery inputs fell sharply in second quarter, then recovered
EIA data cited by The Times of India showed global refinery activity fell sharply in the second quarter of 2026 after the Middle East conflict broke out. Kpler data showed global refinery inputs dropped by 4.8 million barrels per day, or 6%, in April-June versus the prior quarter, before recovering by 1.8 million b/d in the third quarter. China's refinery inputs fell 2.1 million b/d in the second quarter and another 0.8 million b/d in the third; India, South Korea and Japan combined fell more than 1 million b/d in the second quarter and recovered 0.8 million b/d in the third.
WTI December futures settle at $90.83, up 31 cents
NYMEX WTI Crude December futures settled at $90.83 a barrel, up 31 cents or 0.34%, according to Financial Juice. The settlement came during a week of sharp swings driven by US-Iran diplomacy and attacks on Saudi and Hormuz shipping infrastructure. It was followed by a larger decline as Trump downplayed further strikes.
What to watch
Will US-Iran talks yield a deal or renewed military strikes?
Trump has said further strikes on Iran are highly unlikely if negotiations over its nuclear program and reopening the Strait of Hormuz progress, but Rubio cast doubt on a peace deal and Iran's foreign minister said talks with Washington made no progress. Amos Hochstein says plans to resume military action are still very much alive and could happen within days or a week, with odds above 50/50. Matt Gertken expects face-saving strikes over the next three months.
API weekly crude stock report due later Tuesday
Traders are bracing for the American Petroleum Institute's weekly crude oil stock report later on Tuesday, according to Mitrade. The report is due as WTI trades near its lowest since August on optimism about US-Iran diplomacy, even as attacks in the region continue. The report lands during a week of sharp price swings driven by US-Iran diplomacy and attacks on Saudi and Hormuz shipping infrastructure.
Israel government formation deadline next month could pressure Netanyahu
Investing.com's Samer Hasn notes next month is the deadline for the leader of the new parliamentary bloc, former general Gadi Eisenkot, to form a new government, without either him or current Prime Minister Benjamin Netanyahu securing a majority. Hasn says Netanyahu might resort to pressure to form a unity government with Eisenkot, and one of the most important aspects of that pressure is going to war with Iran.
Will Iran accept 3.67% enrichment cap and $6-9B asset release?
An Al Arabiya source cited by Mitrade says a new Qatar-Pakistan proposal would allow Washington to permit Iran to enrich uranium on its soil up to 3.67%, with Tehran agreeing to that limit. The initiative is part of efforts to relaunch negotiations, alongside a US offer to release Iranian assets valued between $6 billion and $9 billion if an agreement is reached. Whether both sides accept remains open.
