Oil Prices Rise 1% as Iran Bans Enriched Nuclear Material Exports
Key Facts
Oil prices rose approximately 1% on Wednesday, November 11, 2026, following statements from Iran's security chief. MarineLink reported that Tehran announced it would not allow any enriched nuclear material to leave the country, a move that reversed a trend that saw prices hit two-month lows in the previous session.
The price increase follows a hardening of Iran's nuclear stance, which has dampened hopes for a diplomatic resolution and increased geopolitical risk premiums. According to Kpler data, Middle East supply outages fell to about 3.8 million barrels per day in early November, even as vessel attacks in Gulf shipping lanes continued to create market uncertainty.
Latest Updates · 2
- Major·
Update: Two oil supertankers were disabled by naval mines in the Strait of Hormuz on November 12, 2026. Following these reports, Brent crude futures fell 0.4% to trade at $92.39 a barrel.
- Notable·
Update: Iranian Parliament Speaker Mohammad Bagher Ghalibaf stated on November 12, 2026, that Washington has not yet responded to Tehran's seven conditions for reopening the Strait of Hormuz and restarting talks. These remarks heighten concerns over global energy supplies given the strait's strategic importance for oil tanker traffic.