Global oil prices strengthened during Asian trading on Friday (November 6, 2026), following a series of attacks on oil tankers in the Middle East that fueled concerns over potential disruptions to global energy supplies. West Texas Intermediate (WTI) crude rose 0.7% to US$91.14 per barrel, extending a recovery after a 2.7% gain in the previous session. Meanwhile, Brent crude saw an increase of nearly 4% on Thursday. Despite this rebound, both benchmarks remain on track for sharp weekly declines, with Brent projected to fall by more than 15% and WTI by approximately 12%.
The rise in oil prices has been driven by heightened security risks along shipping lanes in the Middle East—most notably the Strait of Hormuz, a critical artery for global energy distribution. The United Kingdom Maritime Trade Operations (UKMTO) has reported at least five incidents involving vessels since Sunday. Iran’s Revolutionary Guard stated that two oil tankers and a tugboat caught fire in separate incidents after attempting to traverse unauthorized routes. Separately, Saudi Arabia has warned of potential security threats near Yanbu—a key oil export hub on the Red Sea—amid ongoing attacks by the Iran-aligned Houthi group.
Previously, oil prices had plummeted by more than 8% on Wednesday, reaching their lowest closing level since August 31. That decline followed the Democratic Party’s victory in the U.S. midterm elections, which raised hopes that political pressure on President Donald Trump’s administration might accelerate efforts to end the conflict between the U.S.-Israel alliance and Iran. However, that optimism has begun to wane, as the shifting political landscape in Washington offers no guarantee of a peace agreement or the restoration of oil shipments through the Strait of Hormuz. This uncertainty has led market participants to once again factor in the risk of energy supply disruptions.
Diplomatic efforts in the Middle East are ongoing amidst growing threats to oil shipments. Iranian Foreign Minister Abbas Araqchi reportedly held telephone conversations with his counterparts from Saudi Arabia and Qatar to discuss diplomatic developments and regional stability. Meanwhile, supply risks have also emerged from the Russia-Ukraine conflict, following fresh Ukrainian attacks on Russian oil processing facilities. The Ryazan refinery—one of the country’s largest—was reportedly targeted by a drone strike overnight. These developments have heightened concerns regarding potential disruptions to energy production and distribution in the international market.
Solidnews notes that the rise in oil prices reflects the fact that the risk of supply disruptions remains a primary concern for investors, even though earlier hopes for a resolution to the Middle East conflict had triggered a sharp decline in prices. Attacks on oil tankers, threats to the Strait of Hormuz—a critical shipping route—and strikes on Russian energy facilities are likely to sustain oil price volatility in the near term. Should these attacks persist and oil shipping routes face further disruption, both Brent and WTI prices could see renewed upward pressure. Conversely, progress in diplomacy between the U.S. and Iran, coupled with the restoration of energy distribution, could alleviate supply concerns and exert downward pressure on global oil prices.