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CommoditiesMediumUpdated×3•Originally published 11 November 2026•Updated 11 November 2026•
1 min read

Oil Prices Extend Rally on Reports of Iranian Attacks on Oman Shipping Navigation

Key Facts

1Oil prices rose from two-month lows following shipping attacks in the Strait of Hormuz.
2Brent crude fell approximately 17% over five trading days to trade just above $91 per barrel.

Brent crude rose 3.31% to $94.64 per barrel on November 11, 2026, while WTI intermediate climbed 2.86% to reach $88.5 per barrel following reports that Iran attacked shipping navigation systems in Oman.

These reports emerged alongside Iran's rejection of U.S. nuclear demands and the failure of trilateral talks regarding Ukraine in Abu Dhabi. The targeting of maritime navigation systems, following previous friction in the Strait of Hormuz, has intensified geopolitical concerns and provided sustained support for crude prices.

Latest Updates · 1

  1. Notable·

    Update: Oil prices rose 1% on November 11, 2026, after Iran rejected a U.S. demand to transfer enriched uranium out of the country. This rejection added a new layer of geopolitical tension to existing supply concerns, supporting crude's gains in recent sessions.

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