Business · Energy & Commodities · 3 hrs ago
Oil prices rose for the week as US-Iran talks eased some concerns
Oil prices rose over the week, although the two main international benchmarks moved in different directions on Friday.
US benchmark WTI gained 0.8% for the week to $91.85 a barrel, while Brent rose 2.2% to $104.47.
US President Donald Trump said Washington was having productive talks with Iran and did not plan to attack before the November 3 midterm elections.
His comments eased some concern about possible US strikes, while Iran said it was reviewing a US response to its proposal to reopen the Strait of Hormuz within seven days.
The strait is an important oil shipping route, carrying about one-fifth of the world’s oil and fuel.
Meanwhile, Hurricane Isaias led producers in the Gulf of Mexico to suspend about 1.3 million barrels a day of US oil production.
The market remains sensitive to developments in US-Iran talks, the strait and storm-related supply disruptions.
Oil prices rose over the week, with WTI gaining 0.8% and Brent gaining 2.2%.
US President Donald Trump said Washington would not attack Iran before the November midterm elections.
His comments briefly eased concerns about possible US strikes, according to Banco Base analysts.
A hurricane in the Gulf of Mexico led producers to suspend about 1.3 million barrels a day of output.
Threats to shipping in the Gulf and Strait of Hormuz contributed to market volatility.
- Who
- Oil markets, with comments from US President Donald Trump and Iranian officials.
- What
- Oil prices gained over the week as US-Iran talks eased some concerns.
- When
- The week ending on Friday; the article was published on October 12, 2026.
- Where
- International oil markets, including the Gulf of Mexico and the Strait of Hormuz.
- Why
- Trump’s comments eased some concerns about a possible attack on Iran, while supply disruptions and shipping threats also affected prices.
This story does not have two clearly opposing sides.
productive conversations
no attack is planned before the November 3 midterm elections
Trump’s comments temporarily reduced concerns generated by reports that the White House had asked the Pentagon to prepare options for attacks against Iran before the elections
WTI closed up 0.39% at $91.85 a barrel, while Brent gained 0.18% to $104.47.
WTI recorded a weekly gain of 0.8%, and Brent gained 2.2%.
In the Asian market, Brent was up 0.26% at $104.69 a barrel and WTI was down 0.21% at $91.66.
- WTI weekly change
- Up 0.8%
- Brent weekly change
- Up 2.2%
- WTI Friday price
- $91.85 a barrel
- Brent Friday price
- $104.47 a barrel
- Suspended US Gulf production
- About 1.3 million barrels per day
- Strait of Hormuz traffic
- 20% of the world’s oil and fuel passed through it
Sources
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