Brent falls 0.58% to $92.22 as Tehran denies talks with Washington
Key Facts
Brent futures fell 54 cents, or 0.58%, to $92.22 a barrel at 12:22 GMT on November 12, after dropping by more than a dollar in early Asian trade, according to data cited by Reuters via MarketScreener. The move came as Mohsen Rezaei said no talks were currently under way between Iran and the United States. Rezaei threatened to target distant US bases, including bases in Europe, if US aircraft were used to launch strikes on Iran. He said: "If US aircraft take off from a US military base, even if it is in a European country or another distant region, to bomb Iran, we will strike those bases too." The statement framed the threat against bases as conditional on their use in a new attack, as crude prices fell during the session.
On the diplomatic track, a senior Iranian official told Reuters that Tehran had sent Washington a nuclear proposal through Qatar, to be discussed after the United States met seven Iranian demands. This came alongside Rezaei’s statement that no talks were under way, while coverage quoted him as saying any new US attacks would be met with strikes on distant US bases. The statements point to a contrast between a proposal conveyed through an intermediary and the absence of current talks, according to the coverage. The information did not specify when the proposal would be discussed or a timeline for resuming negotiations. A Saxo analyst said the market was stuck in a "no war, no peace" state, allowing Middle Eastern output to recover despite the stalemate in US-Iran talks.
Brent had settled at $92.76 a barrel on November 11, up $1.27, or 1.39%, according to Reuters. West Texas Intermediate settled in the same session at $86.53, up 49 cents, or 0.57%. In November 12 trading tracked by Reuters at 12:22 GMT, Brent was down to $92.22, while WTI fell 67 cents, or 0.77%, to $85.86. These figures show that the next session’s moves followed gains at the previous day’s close, with both contracts falling in early trading. The available data did not include a Brent closing price for November 12.
On the supply side, the US Energy Information Administration said Middle Eastern oil production outages averaged 2.5 million barrels per day in October, compared with a peak of 10.9 million barrels per day in May. The agency forecast Brent to average about $100 a barrel in November and December, with oil flows from the region still constrained. It also forecast global inventories to grow by 3.5 million barrels per day in the first half of 2027, and Brent to fall below $90 a barrel in the second quarter of that year. These are estimates published in the agency’s November report, not prices recorded in the November 12 session. The seven countries participating in the OPEC+ agreement decided to maintain the production levels required for September during November, according to the organization.
The EIA’s weekly report was scheduled for release on November 12 at 12 p.m. Eastern time, covering data for the week ended November 6. OPEC’s November monthly report was available by November 12, according to the organization’s official page. OPEC said the seven participating countries would continue to hold monthly meetings to review market conditions. The next meeting had been announced for November 1, 2026, a date before these trades. The weekly report provides a close watch on US oil supply, while the figures cited here remain the regional production data and price forecasts published by the EIA.