Oil prices rebound as Brent reaches $103.60
Key points
- Crude oil prices recovered on November 4, 2026, with Brent trading at $103.60 per barrel and West Texas Intermediate reaching $95.98.
- Brent had fallen to $100.80 on Tuesday amid reports of possible U.S.-Iran negotiations, before recovering as uncertainty over Middle East oil supplies continued.
- Rystad Energy warned that Persian Gulf oil flows might not normalize soon, while Vortexa reported October exports falling to 17.1 million barrels daily.
Brent crude recovered to $103.60 per barrel on November 4, while West Texas Intermediate reached $95.98 amid Middle East supply concerns.
Brent fell from $107.24 to $100.80 on Tuesday following reports of possible U.S.-Iran negotiations before recovering toward $104.
"We consider it unlikely that all these points of contention can be resolved within the coming year," said energy consultancy Rystad Energy.
Vortexa reported Persian Gulf oil exports averaging 17.1 million barrels daily in October, down from 18.9 million barrels in September.
Rystad Energy warned that oil shipments through the Strait of Hormuz might not normalize quickly, even if Washington and Tehran reach an agreement.
U.S. crude inventories fell by 5.27 million barrels during the week ended October 30, according to American Petroleum Institute figures cited by Reuters.
Traders continued assessing U.S.-Iran peace negotiations, military developments and potential supply disruptions affecting shipments through the Strait of Hormuz.
