Oil slips on peace hopes, Brent hovers near $91

November 12, 2026 (MLN): Oil prices declined on Thursday amid growing optimism over potential diplomatic breakthroughs in the Middle East and Russia-Ukraine conflicts, easing concerns over possible supply disruptions.

Currently, Brent crude futures is down, 0.12%, at $91.38 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures is down by $0.70, or 0.81%, to $85.34 per barrel by [09:35 am] PST.

Market sentiment weakened on expectations that diplomatic efforts could lead to a ceasefire between Russia and Ukraine, while the likelihood of further escalation in the Iran conflict appeared limited ahead of next week's US-China summit.

Hiroyuki Kikukawa, chief strategist at Nissan Securities Investment, said expectations of progress in diplomatic negotiations were weighing on oil prices. However, uncertainty surrounding the Strait of Hormuz is likely to limit the extent of any market decline, as reported by CNBC.

In the Russia-Ukraine conflict, negotiators from both sides agreed to a major prisoner exchange following two days of discussions in Abu Dhabi that concluded on Wednesday. However, US mediators acknowledged that significant disagreements remained, particularly over territorial issues.

Ukrainian President Volodymyr Zelenskiy expressed hope for tangible progress towards ending the conflict within this year.

Meanwhile, tensions between Washington and Tehran remained unresolved, with Iranian security chief Mohsen Rezaei warning that the country would not surrender any enriched nuclear material and would respond to any fresh US military strikes.

The US administration has maintained that nuclear-related matters must be included in initial negotiations with Iran to end the eight-month-long conflict, although American officials have played down the prospect of additional military action.

On the supply side, OPEC+ crude production recorded a substantial increase in October, largely driven by higher output from Saudi Arabia, despite ongoing shipping disruptions through the Strait of Hormuz.

Adding further pressure to prices, US crude inventories increased by 9 million barrels during the latest week, according to data from the American Petroleum Institute (API), cited by market sources.

The US Energy Information Administration (EIA) is scheduled to release its official inventory figures on Thursday, following a one-day delay due to Wednesday's US national holiday.

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