Oil prices rise as Middle East tensions support market

Oil prices rose on Thursday, November 12, 2026, as persistent geopolitical tensions in the Middle East offset pressure from rising regional crude output.

Brent futures advanced 45 cents, or 0.49%, to $93.21 a barrel by 0732 GMT, while US West Texas Intermediate crude climbed 27 cents, or 0.31%, to $86.80.

Both contracts fell more than $1 per barrel in early Asian trading.

“We are currently in a ‘no war, no peace’ situation which is allowing ⁠Middle East oil production to recover despite the deadlock in United States-Iran negotiations,” said the head of commodity strategy at Saxo Bank, Ole Hansen.

Hansen added that the Middle East production that has returned after recent disruptions is pressuring crude prices, though persistent geopolitical risks are likely to cap further downside.

Iranian security chief Mohsen Rezaei said in televised remarks Iran will not allow even a single particle of enriched nuclear material to leave the country, adding that there will be consequences if the US launches new strikes.

Oil prices rise as Iran rejects nuclear material concession

Washington said nuclear issues must be part of any initial negotiations with Iran aimed at ending the eight-month-old war, while US officials downplayed the need for further ⁠military strikes, according to Reuters.

The comments from Iran and US officials highlighted the obstacles to a broader agreement that could ease tensions around the Strait of Hormuz, a key route for global oil shipments.

In the waterway, tankers are still ablaze, oil spills are washing ashore, and drones and missiles have hit infrastructure across the region.