Updated 14 November 2026, 07:00 GMT. Brent crude futures settled Friday at $95.84, up 2 cents, and finished the week about 2.5 percent lower, Brent’s second straight weekly fall (market reports based on Reuters data). Verdict: Thursday’s attack-driven jump held, but Brent could not build on it. Supply data and the chance of a US-Iran arrangement on Hormuz are holding the price down. Reference levels for the week ahead: $98 above, $91 below.
Key facts
- Friday settlement: Brent $95.84, up $0.02; WTI $88.56, down $0.18 or 0.2 percent (Eurasia Business News market report).
- Friday intraday: Brent was up 85 cents at $96.67 at 14:14 GMT before giving most of it back (Reuters).
- The week: down from the $98.32 settlement on 6 November, about 2.5 percent. That followed a fall of about 16 percent in the previous week (Reuters).
- Thursday: Brent settled at $95.82, up $3.06 or 3.3 percent, after the Houthis claimed attacks on Saudi oil sites and Iran reported explosions on four tankers in Hormuz (Reuters).
- The low: Tuesday’s $91.49 settlement was Brent’s lowest since August.
- The peak: Brent is about 20 percent below its late-October high near $118 (OilPrice.com).
Why Brent ended the week lower
Reuters attributed the weekly decline to signs of a growing supply surplus and to the US blockade of Iranian oil, which reduced fears of a renewed direct conflict. OPEC+ figures showed higher crude output in October, led by Saudi Arabia, and US government data showed crude and fuel stocks rising. An analyst quoted by Reuters said the inventory builds point to softer US demand.
Thursday’s jump showed how quickly the risk premium returns. President Donald Trump said Washington did not need a deal with Iran. The Houthis then said they had hit a pumping station on Saudi Arabia’s East-West pipeline, an oil facility in Yanbu and an Aramco building in Riyadh, and Iran’s military reported explosions on four tankers. None of the claims had been independently confirmed when the market settled. Our Friday Brent page covers that session in detail.
On Friday Brent rose almost $1 during the European session and gave the gain back by the settlement. The market kept Thursday’s premium but did not add to it. US producer prices for October were also out that day; this week’s hot inflation readings have put a December Federal Reserve rate increase into futures pricing, and higher rates and a firmer dollar tend to weigh on oil. Our gold page from Friday covers the rate outlook.
The week ahead: what can move Brent
Three things will decide whether Brent tests $98 or goes back toward $91.
Iran and Hormuz. A Qatari-brokered Iranian proposal to reopen the strait was taken to the White House around 9 November, and Brent fell 3.6 percent to $94 that day (OilPrice.com). Trump has since said a deal is not needed and that the blockade stays. Any sign of an interim agreement would push Brent back toward the low $90s. Talks breaking down, or a confirmed attack on shipping, would do the opposite.
Saudi infrastructure. Riyadh has not confirmed damage from Thursday’s claims; the Saudi-led coalition said it intercepted two drones. If the East-West pipeline or Yanbu exports are disrupted, Saudi Arabia loses its main route around Hormuz, and that matters more for supply than the tanker reports.
US data. The Energy Information Administration’s weekly inventory report, normally released on Wednesdays, is the next read on demand after last week’s builds. Our WTI report covers the US side of the market.
Brent price: bull, base and bear
| Scenario | Brent | What has to happen | Anchor |
|---|---|---|---|
| Bear | $91 | Progress on an Iran arrangement, no confirmed damage in Saudi Arabia and another US inventory build. | Tuesday’s $91.49 settlement, the lowest since August; about 4.5 percent below $95.84. |
| Base | $94-$97 | The attack claims stay unconfirmed and Brent trades around last week’s settlements. | Thursday’s $95.82 and Friday’s $95.84 settlements, and Friday’s $96.67 intraday high. |
| Bull | $98 | Confirmed disruption to Saudi exports or tanker traffic, or US-Iran talks collapse. | The $98.32 settlement on 6 November; about 2.6 percent above $95.84. |
The bear case sits below the current price. These are reference levels measured from Friday’s settlement, not forecasts.
What to watch
- Sunday evening: the futures reopen. Weekend news on Iran or Saudi Arabia will show up in the first trades.
- Saudi statements: any word from Aramco or the energy ministry on the pipeline and Yanbu.
- Wednesday: the EIA weekly petroleum status report.
- $91.49 and $98.32: the week’s low settlement and the previous Friday’s settlement.
Quick take: Brent settled at $95.84 on Friday and fell about 2.5 percent on the week, its second weekly loss. Thursday’s 3.3 percent jump on unconfirmed attack claims held but did not extend. Iran diplomacy and rising supply point lower, while Saudi infrastructure is the upside risk. $91 is the downside reference, $98 the upside.
FAQ
What is the Brent crude oil price today?
Brent futures do not trade on Saturday. The last settlement was $95.84 on Friday 13 November, up 2 cents. Futures reopen on Sunday evening.
Did oil go up or down this week?
Down. Brent fell about 2.5 percent from the $98.32 settlement on 6 November, its second straight weekly loss, according to Reuters data.
What is the WTI price?
WTI settled at $88.56 on Friday, down 18 cents.
Why did oil jump on Thursday?
The Houthis claimed attacks on Saudi oil sites, Iran reported explosions on four tankers in Hormuz and Trump said the US did not need an Iran deal (Reuters). Brent rose 3.3 percent.
Why is oil falling overall?
Reuters cites a growing supply surplus, higher OPEC+ output, rising US inventories and the US blockade of Iranian oil, which lowered fears of a wider war.
How far is Brent from its 2026 high?
About 20 percent below the late-October peak near $118 a barrel (OilPrice.com).
Sources: Eurasia Business News market report, 14 November 2026 (Friday settlements); Reuters via Yahoo Finance and LSE.co.uk, 13 November 2026 (intraday quote, weekly change, drivers, analyst comment); Reuters, 12-13 November 2026 (Thursday settlement, attack claims); OilPrice.com, November 2026 (Qatari proposal, late-October peak); FinanceFeeds Brent pages of 11 and 13 November (prior settlements).
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Commodity prices are volatile. Do your own research and consult a licensed financial adviser before making investment decisions.
