CommoditiesMedium•5 November 2026•
1 min read
Oil Prices Surge Over 2% Following Renewed Tensions in the Persian Gulf
Key Facts
1Brent crude futures rose 2.43% to $96.92 per barrel following renewed attacks on vessels in the Persian Gulf.
2U.S. West Texas Intermediate gained 2.44% to reach $90.27 amid fears of an expanding Iranian conflict.
Brent crude futures rose 2.43% to $96.92 per barrel following renewed attacks on vessels in the Persian Gulf. Oil & Gas 360 reported that U.S. West Texas Intermediate also gained 2.44% to reach $90.27 per barrel amid fears of an expanding Iranian conflict and its impact on global energy security.
The surge in oil prices occurred on Thursday, November 5, 2026, as investors reacted to direct physical threats to energy transit routes in the Strait of Hormuz. This price action follows official data released on November 4, 2026, showing a decline in U.S. crude oil inventories (EIA) by 0.865 million barrels, contrasting with forecasts that had anticipated a 0.9 million barrel increase.