Business · Energy & Commodities · 1 hr ago
Oil steadies as Iran-US peace talks show little progress
Oil prices steadied after a sharp fall as hostilities between Iran and the US remained muted, with no sign of progress in peace talks.
West Texas Intermediate traded near $86 a barrel, while Brent settled below $93.
Iran says it will not remove any enriched nuclear material from the country, rejecting a key US condition for negotiations.
Brent is still up more than 50% this year, but prices have fallen sharply in November as traders hope the conflict will ease and Gulf shipments recover.
Saudi Arabia’s oil production rose 26% in October, helping restore supply despite Iranian attacks on tankers.
More oil is reaching markets while consumption remains constrained, but shipping routes are not secure, so the risk of disruption remains.
The stalled talks leave uncertainty over supply, while Ukrainian drone strikes on Russian refineries are adding to a global diesel squeeze.
Oil prices steadied as hostilities between Iran and the US remained muted and peace talks showed no sign of progress.
West Texas Intermediate traded near $86 a barrel after rising 0.6% on Wednesday, while Brent settled below $93.
Iranian official Mohsen Rezaee said Iran would not remove any enriched nuclear material from the country, addressing a key US condition for negotiations.
Saudi Arabia reported that its oil production rose 26% in October, as Persian Gulf energy shipments increased.
Recovering supply has weakened price differentials, but analysts said disruption risks and the unresolved conflict continue to support a geopolitical premium.
- Who
- Iran and the US are involved in peace talks; Saudi Arabia and other Persian Gulf exporters are also affecting oil supply.
- What
- Oil steadied as the talks showed little progress and hostilities remained muted.
- When
- The article was published on November 11, 2026; WTI had risen 0.6% on Wednesday.
- Where
- The article discusses oil markets and Persian Gulf energy shipments. It does not state where the peace talks are taking place.
- Why
- Iran’s position on its enriched nuclear material conflicts with a key US condition for negotiations, while recovering oil supply has weighed on prices.
Iran
United States
Enriched nuclear material
Iran
Mohsen Rezaee said Iran would not remove “a single atom” of enriched nuclear material from the country.
United States
The US considers removal of enriched nuclear material one of its key conditions for negotiations.
Ukrainian attacks on Russian refineries resumed after a brief pause.
Saudi Arabia told OPEC its production rose 26% to one of its highest monthly levels in years.
West Texas Intermediate rose 0.6%.
Oil steadied as hostilities remained muted and peace talks showed no indication of progress.
- West Texas Intermediate
- Near $86 a barrel
- Brent
- Settled below $93
- Saudi production
- Rose 26% in October
- Brent price increase
- More than 50% this year
- Russian refineries
- Ukraine had attacked at least seven processing plants since late October
What people are saying
a single atom
Supply is recovering, but it relies on workarounds rather than secure shipping lanes, so disruption risk remains
With both sides still far apart, markets will keep pricing in a geopolitical premium despite October’s production recovery.