EL7.AI
CommoditiesMedium•12 November 2026•
1 min read

Oil Prices Surge Amid Security Tensions in the Strait of Hormuz

Key Facts

1WTI crude futures settled $2.21 higher at $88.74 per barrel.
2Brent crude futures settled $3.06 higher at $95.82 per barrel.
3The price surge followed reports of vessels being struck in the Strait of Hormuz and updates on US-Iran relations.

Brent crude futures settled $3.06 higher at $95.82 per barrel. Newsquawk reported that WTI crude futures also rose by $2.21 to settle at $88.74 per barrel. The price surge followed reports of vessels being struck in the Strait of Hormuz and updates regarding US-Iran relations.

Markets reacted to heightened geopolitical risks following updates on diplomatic communications between Washington and Tehran, even as data released on November 12, 2026, showed an unexpected build in US crude inventories by 4.657 million barrels. Gasoline stocks also increased by 1.799 million barrels according to the weekly report issued on the same date.

Traders are looking ahead to the release of the US Producer Price Index (PPI) scheduled for November 13, 2026, which may provide further signals regarding inflation trends and its impact on energy market demand.

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