Key facts
- Brent crude was trading at $95.87 a barrel and WTI at $88.49, per the report.
- Crude was on course for a second consecutive weekly loss after two days of gains.
- Reports from Iranian sources said four vessels that did not follow Iran's crossing instructions were attacked in Hormuz.
- The Houthis targeted a pumping station on the East-West pipeline and a facility in Yanbu, per the report.
- Saudi Arabia said crude output rebounded to 10.56 million barrels a day last month.
- Aramco's chief executive said the company plans to raise output further through the end of the year.
Crude oil prices were on course to book a second week of losses on November 13, 2026, after two consecutive days of gains on news from the Middle East. At the time of writing, Brent crude was trading at $95.87 per barrel and West Texas Intermediate at $88.49 per barrel, per the report. Those levels are a sharp decline from peaks hit in mid-October but remain significantly higher than February levels, before the war started.
Iranian attacks on tankers in the Strait of Hormuz continued, with the latest report from Iranian sources saying four vessels that did not comply with Iran's instructions for crossing the strait were attacked. President Donald Trump said this week, "We don't need a deal with Iran" and that "Those days have long since passed. We've got their money, Hundreds of Billions of Dollars, and we've got their Strait!" The report said the Iranian side appears not to be budging on its conditions for a peace deal.
In Saudi Arabia, the Yemeni Houthis continued attacks targeting energy sites, including a pumping station on the East-West pipeline and a facility in the port city of Yanbu, according to the report. Saudi Arabia said its crude oil production had rebounded to 10.56 million barrels daily last month, essentially the level before the war started. Aramco's chief executive said the company plans to raise output further in the remaining months until the end of the year.