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

Oil Prices Test New Resistance Levels After Rebounding From Two-Month Lows

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.

Crude oil prices rose as traders grew less optimistic about a peace deal between the United States and Iran. Reuters reported, citing data from the Washington Institute for Near East Policy, that a record 37 vessels were attacked in the Strait of Hormuz during the month of October, a factor that has renewed concerns over supply security.

Brent crude rose to test the $93.28 level, while West Texas Intermediate remained below $91.84 after rebounding from a two-month low. Despite the gains, Alex Kuptsikevich, chief market analyst at FxPro, noted that the geopolitical premium is fading as energy flows improve, with oil prices down more than 20% from their late-October peaks.

The OPEC Monthly Report is released today, November 11, 2026, which may provide further clarity on global production levels. Additionally, the EIA Weekly Petroleum Report is scheduled for November 12, 2026, offering insights into US inventory changes.

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