EL7.AI
CommoditiesMediumUpdated×2•Originally published 11 November 2026•Updated 11 November 2026•
1 min read

Oil Prices Jump 2% as Iran Nuclear Tensions Escalate

Key Facts

1Crude oil prices rose as traders grew less optimistic about a peace deal between the United States and Iran.
2A record 37 vessels were attacked in the Strait of Hormuz during the month of October.
3Brent crude was trading at $92.43 per barrel, with West Texas Intermediate at $86.62 per barrel.

Oil prices rose 2% following statements from an Iranian official asserting that the country will retain its enriched nuclear material. The comments dampened trader optimism regarding a potential peace deal between the United States and Iran, refocusing market attention on geopolitical supply risks.

Brent crude rose to test the $93.28 level, while West Texas Intermediate remained below $91.84. Reuters reported, citing data from the Washington Institute for Near East Policy, that 37 vessel attacks occurred in the Strait of Hormuz during October, though FxPro analyst Alex Kuptsikevich noted prices remain 20% below their late-October peaks.

The OPEC Monthly Report is released today, November 11, 2026, providing clarity on global production levels. Markets are also awaiting the EIA Weekly Petroleum Report on November 12, 2026, to monitor shifts in US inventories.

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