Business · Energy & Commodities · 12 hrs ago
Oil steadies after sharp weekly fall as diplomacy and attacks shape outlook
Brent oil traded near $98 a barrel at the start of the week after falling more than 16% the week before, its biggest weekly drop since April 2020.
Prices had fallen from a six-month high as a Democratic victory in US midterm elections strengthened expectations that the conflict with Iran would not sharply escalate.
Months of talks have not resolved the conflict, which has disrupted energy exports from the Persian Gulf.
The UK Maritime Trade Operations agency said a tanker leaving the Strait of Hormuz was hit by unknown ammunition over the weekend.
Houthi attacks damaged Saudi Aramco offices in Riyadh, prompting Saudi forces to destroy two missile launchers in response.
A renewed escalation could quickly reverse oil's recent losses, while a breakthrough in talks is not assured.
Oil prices steadied at the start of the week after their biggest weekly drop since April 2020.
Brent traded around $98 a barrel after falling more than 16% the previous week, while WTI was near $91.
Diplomatic efforts to end the US-Iran conflict helped balance concerns about fresh attacks in the region.
A tanker was reportedly hit by unidentified munition after leaving the Strait of Hormuz over the weekend.
Iran-backed Houthis also damaged Saudi Aramco offices in Riyadh, prompting Saudi forces to destroy two missile launchers.
- Who
- Oil markets, amid diplomatic efforts over the US-Iran conflict and attacks in the Middle East.
- What
- Oil prices steadied after a sharp weekly fall. Brent was around $98 a barrel and WTI near $91.
- When
- Monday, November 9, 2026, after a weekly decline of more than 16% in Brent.
- Where
- Oil markets and the Middle East, including the Strait of Hormuz and Riyadh.
- Why
- Diplomacy raised hopes of avoiding a major escalation, while attacks in the region sustained tensions.
This story does not have two clearly opposing sides.
Brent crude fell more than 16%, its largest weekly decline since April 2020.
A tanker leaving the Strait of Hormuz was reportedly hit by unidentified munition.
Houthi attacks damaged Saudi Aramco offices in Riyadh, and Saudi forces destroyed two missile launchers in response.
Oil began the week trading broadly flat, with Brent near $98 a barrel and WTI near $91.
- Brent
- Around $98 a barrel
- WTI
- Near $91 a barrel
- Brent's weekly loss
- More than 16%
- Tanker incident
- A tanker leaving the Strait of Hormuz was reportedly struck by unidentified munition
- Saudi response
- Saudi forces destroyed two missile launchers
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What people are saying
A greater push for a deal does not necessarily mean a deal is closer. If we see a renewed escalation, much of last week's oil price drop could quickly reverse.