Oil prices rise as Iran rejects nuclear material concession

Oil prices rose ‌about 1% on Wednesday, November 11, 2026, after Iran’s security chief said Tehran would not allow even a single particle of enriched nuclear material to leave the country.

The United States government had said nuclear matters must be part of any initial negotiations with Tehran aimed at ending ​the US-Israeli war on Iran.

Brent futures were up $1.28, or 1.4%, to $92.77 a barrel at 0934 GMT, while US West ​Texas Intermediate crude gained 76 cents, or 0.9%, to $86.80.

In the previous session, oil prices initially fell ⁠by more than $3 a barrel after US officials played down the need for further military strikes against Iran. Prices later ​pared some losses after an Iranian security official said no talks were taking place between the two sides.

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“Oil prices are being supported ​by fading hopes of an imminent de-escalation,” UBS analyst Giovanni Staunovo told Reuters.

Data from the Washington Institute ​for Near East Policy revealed that there is little sign of attacks in the Strait of Hormuz easing after 37 ships were attacked in October, the highest monthly total since the start of the war in February 2026.

Senior analyst at Sparta Commodities, June Goh, said the key driver for the market was whether Iran would ‌engage ⁠with US demands to reach a diplomatic agreement.