Solid Gold Berjangka – Oil prices weakened during Friday’s trading session (November 13) following gains over the previous two consecutive sessions. Brent crude traded at approximately US$95.58 per barrel, while West Texas Intermediate (WTI) hovered around US$88.63 per barrel; both benchmarks are heading toward their second consecutive weekly decline.
Pressure mounted after U.S. President Donald Trump stated that Washington no longer requires a deal with Iran. This remark dampened hopes for a diplomatic breakthrough—one that had previously been expected to help restore energy flows from the Middle East.
Geopolitical risks remain elevated, following persistent attacks on Saudi Arabian infrastructure and oil tankers in the Gulf region. Security data indicates that dozens of attacks on commercial vessels occurred throughout October across the Persian Gulf, the Strait of Hormuz, and the Gulf of Oman.
On the supply side, OPEC’s oil production rose to approximately 27.16 million barrels per day in October, with Saudi Arabia serving as a primary driver of this increase. This rise in supply has placed additional downward pressure on prices, even as energy distribution routes remain vulnerable to disruptions.
The market is now closely monitoring the potential for continued U.S.-Iran diplomacy, shipping conditions in the Strait of Hormuz, and developments regarding supply from the Middle East and Russia. As long as supply continues to rise while geopolitical risks remain high, oil price movements are expected to stay volatile in the near term. (srh)