Global oil prices rebounded during Wednesday’s trading session (November 11, 2026) after an Iranian security official asserted that the country would not permit enriched nuclear material to be removed from its territory. This statement has reignited concerns regarding the prospects for resolving the conflict with the United States (US) and the security of energy supplies from the Middle East.
Brent crude futures rose 1.39% to US$92.76 per barrel, while West Texas Intermediate (WTI) climbed 0.57% to US$86.53 per barrel—a recovery following a dip to two-month lows for both benchmarks.
Tensions have intensified as Washington insists that the nuclear issue must be part of any initial negotiations to end the conflict. UBS analyst Giovanni Staunovo noted that oil prices are being supported by fading hopes for a near-term resolution to the conflict. Meanwhile, disruptions to shipping in the Strait of Hormuz show no signs of abating.
Data from the Washington Institute for Near East Policy indicates that 37 vessels were targeted in October—the highest monthly figure since the conflict began in February. These risks continue to loom over energy distribution, even as OPEC+ oil production increased in October, driven largely by Saudi Arabia.
Despite this recovery, both Brent and WTI remain down by approximately 21% and 17%, respectively, since the beginning of the month—a decline fueled by earlier optimism regarding the possibility of peace between the US and Iran. However, the persistent threats to vessels and navigational infrastructure around the Strait of Hormuz suggest that supply-related risks have not yet fully subsided.
Market participants are now closely monitoring developments in nuclear diplomacy, the security of oil shipping lanes, and the potential for military escalation, all of which could once again drive volatility in global energy prices.
Source: Newsmaker.id