Oil prices set for second straight weekly decline

November 13, 2026 (MLN): Oil prices traded mixed on Friday but remained on course for a second consecutive weekly decline, as expectations of continued US restrictions on Iranian oil shipments eased concerns over a renewed escalation of the conflict in the Middle East.

Currently, Brent crude futures is down, 0.37%, at $95.45 per barrel.

West Texas Intermediate (WTI) crude futures is down by $0.60, or 0.68%, to $88.14 per barrel by [10:19 am] PST.

The prospect of Washington maintaining its blockade on Iran has reduced the likelihood of large-scale military confrontations that could threaten regional oil supplies. However, continued attacks on shipping and energy infrastructure have kept supply risks in focus, according to CNBC.

Market sentiment remained volatile throughout the week, with hopes of a potential de-escalation in the US-Israel conflict with Iran countered by attacks on Saudi energy infrastructure and oil tankers transporting crude from the Gulf.

Brent crude futures were set to lose 2.4% over the week, following a sharp 16% decline in the previous week. US West Texas Intermediate (WTI) crude was heading for a 2.5% weekly drop, after falling 13% a week earlier.

Prices retreated on Friday after US President Donald Trump indicated that reaching an agreement with Iran was not necessary to end the conflict, signalling that Washington would maintain its blockade on Iranian oil shipments alongside existing trade and economic sanctions.

Iran's military said on Thursday that four oil tankers had been struck by explosions in the Strait of Hormuz after disregarding warnings, although Reuters could not immediately independently verify the claims.

Separately, Yemen's Iran-aligned Houthis claimed responsibility for attacks targeting a pumping station on Saudi Arabia's East-West oil pipeline, an oil facility in the Red Sea port city of Yanbu and an Aramco building in Riyadh.

Adding further pressure to prices, US crude and fuel inventories increased last week amid weaker demand for refined products and higher oil imports, according to the Energy Information Administration (EIA).

US crude inventories climbed by 4.7 million barrels to 414.4 million barrels during the week ended November 6, against analysts' expectations of a 1.1 million-barrel decline, based on a Reuters poll.

Copyright Mettis Link News