Oil prices face 12% weekly drop as Middle East risks persist

Brent crude and West Texas Intermediate crude are heading for weekly declines of approximately 12% on November 6, 2026, as expectations of reduced Middle East tensions pressured oil prices.

Both benchmarks had fallen sharply since Monday following the US midterm elections, although reports of fresh tanker attacks in the Strait of Hormuz triggered a recovery from Thursday's closing levels.

Both benchmarks remained substantially lower for the week despite the recovery, as traders reassessed the geopolitical risk premium previously built into oil prices.

At least five vessel incidents were reported in the Persian Gulf since Sunday, including three additional tanker attacks reported by Iran on Thursday, while UK maritime security data indicated that attacks on commercial vessels remained near record levels.

Brent was trading at $99.42 per barrel and WTI at $91.242, with both benchmarks recovering from Thursday's close but remaining on course for weekly losses of approximately 12%.

The Strait of Hormuz remains a critical route for global oil shipments, making security disruptions in the Persian Gulf an important factor in international crude supply and pricing.

Oil market expectations now depend heavily on developments in US-Iran relations, the security of commercial shipping and the possibility of further military escalation, which could reverse the recent decline in crude prices.