EL7.AI
CommoditiesMediumUpdated×3•Originally published 12 November 2026•Updated 12 November 2026•
1 min read

Brent falls to $91.5 on reports of potential US-Iran direct talks

Key Facts

1Brent fell 1.2% to about $91.5 a barrel on November 12.
2The average volume of oil production shut in across the Middle East was 2.5 million barrels a day in October, compared with a peak of 10.9 million in May.
3Crude exports from Gulf producers rose by 4.4 million barrels a day to 13.9 million in September.
4U.S. commercial crude inventories stood at 410 million barrels at the end of October, the lowest end-October level since 2014.
5The seven OPEC+ participants set November 29, 2026, for their next meeting.

Brent crude fell 1.2% to about $91.5 a barrel on Thursday, November 12, while West Texas Intermediate dropped 1.16% to $85.5. The decline followed reports that US Vice President Vance is considering face-to-face talks with a top Iranian security official to end the war, signaling a potential diplomatic breakthrough.

This diplomatic development coincided with Middle Eastern oil exports regaining momentum following previous supply disruptions. Brent had closed at $92.76 on November 11, following a close of $91.49 on October 10. The price action occurred alongside reported increases in Saudi production to OPEC and continued flows through the Strait of Hormuz and the Saudi East-West pipeline.

Market participants are looking toward the next OPEC+ meeting scheduled for November 29 to review market conditions, following the group's decision to maintain September production levels through December.

Open on chart