Crude oil prices cooled off by 1.2% on Thursday to touch $91.5 per barrel levels as no new flare up emerged between the United States and Iran, despite the peace negotiations needle refusing to move. Similarly, the West Texas Intermediate (WTI) traded 1.16% lower at $85.5 per barrel levels.
The selloff in crude comes even as Iran's Secretary of the Supreme National Security Council Mohsen Rezaee told Al Mayadeen in an interview that the counrty will not remove “a single atom” of enriched nuclear material, going against of America's key demands.
There has been hardly any visible progress between the warring blocs to resolve the conflict. Peace negotiations have reached an impasse more often than not, ultimately resulting in fresh flare ups from both sides.
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However, ithe absence of any new strikes from either end and rising energy supply from the Persian Gulf has eased some jitters. Additionally, Saudi Arabia's oil output swelled 26% in October to one of the highest monthly levels in years, one of the world's largest crude exporter told OPEC.
The increase in production is indicative of alternative routes and sources of energy in West Asia functioning to restore flows in the midst of chaos in the Strait of Hormuz and Iran's consistent attacks on oil vessels.
The crude flows from West Asia may have reached pre-war levels, but they remain highly dependent on patchy alternates such as Saudi Arabia's East-West pipeline to the Red Sea being used to bypass the Strait of Hormuz and the so-called shuttle trade using ship-to-ship transfers.
Diplomacy between Washington and Tehran struggles to move beyond disagreements on crucial issues such as Iran's new nuclear program, frozen assets and the US naval blockade.
The global oil benchmark has zoomed over 50% this year, but corrected sharply in November following the mid-term election verdict in the United States, and increased hopes of resolution to the conflict.
Brent's Two-Month Low
Global oil prices tanked below $90 a barrel for the first time since August on November 10, 2026, boosting selloff among traders amid hopes of a resolution to the Iran war.
More strikes on Iran won't be necessary, though the US remains “locked and loaded,” Trump said on Monday following talks with Sheikh Mohammed bin Abdulrahman Al Thani. “Iran, militarily, is effectively over. We're just keeping it at the status quo, and we're doing that really at the behest of countries that are their neighbors.”
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