Global oil prices fluctuated during trading on Friday (November 13, 2026), as investors weighed the uncertainty surrounding potential peace talks between the United States (US) and Iran.
Brent crude futures for January delivery rose slightly by US$0.02 to US$95.84 per barrel, having traded within a range of approximately US$2 throughout the session. Meanwhile, West Texas Intermediate (WTI) for December delivery fell 0.2% to US$88.56 per barrel. These movements reflect a tug-of-war between geopolitical risks and rising global energy supplies.
Market uncertainty intensified after US President Donald Trump stated that Washington does not require a deal with Iran and directed Vice President JD Vance to focus more on domestic issues. This stance dampened optimism regarding a diplomatic resolution to the conflict. Oil prices saw a brief rally following reports that the director of Israel’s Mossad was in Washington to discuss the progression of the war with senior US administration officials. However, the gains were short-lived as investors remained wary of the potential for increased oil production and distribution from the Middle East.
Separately, Brent recorded its second consecutive weekly decline, having reached a six-month high in late October. The downward pressure stemmed from an increased flow of oil from the Middle East, as well as earlier hopes that the outcome of the US midterm elections might accelerate a resolution to the conflict.
The International Energy Agency (IEA) estimates that the oil market will see a surplus in the current quarter—the first since the war began—while growth in demand for transportation fuels is projected to be limited next year. These conditions leave the oil market highly sensitive to geopolitical developments, the recovery of supply, and the outlook for global energy consumption.
Source: Newsmaker.id