Energy
Brent Holds Near $96 and Heads for a Second Weekly Loss as Trump Says the US Does Not Need an Iran Deal
Image: isakarakus via Pixabay
A continued US blockade eased fears of renewed fighting, but Houthi attacks on Saudi sites and tanker incidents keep supply risks alive.
By Emma Cruz ·
Oil prices were set for a second straight weekly decline on Friday, even as a volatile week left traders weighing a continued U.S. blockade of Iran against fresh attacks on energy infrastructure in the Middle East.
At 0527 GMT, Brent crude was down 28 cents, or 0.29%, at $95.54 a barrel, and U.S. West Texas Intermediate was down 56 cents, or 0.63%, at $88.18, Reuters reported [1]. Both benchmarks were on track for a weekly drop of 2.9%, following declines of 16% for Brent and 13% for WTI the previous week [1]. Prices moved around later in the morning. Euronews reported Brent up 0.7% at $96.48 around 0700 GMT, while the Associated Press had it near $95.70 in Asian hours [2][3]. For context, Brent was around $72 in late February, before the war involving Iran began [2].
The latest driver was a statement from President Donald Trump. Reuters said he wrote on Truth Social that a deal with Iran was not necessary to end the war [1]. The AP quoted him as saying, "We don't need a deal with Iran" [2]. Reuters reported that the continued U.S. blockade of Iran eased concerns about renewed fighting, though it also described the war, which the U.S. and Israel are waging against Iran, as being in its ninth month [1]. Hopes for a rapprochement, the agency said, were offset by Houthi strikes on Saudi infrastructure and attacks on tankers [1].
The claims of attacks are contested or unverified. Iran's military said four oil tankers were hit by explosions in the Strait of Hormuz after ignoring warnings, a report Reuters said it could not verify [1]. The Houthis said they attacked a pumping station on Saudi Arabia's East-West pipeline, a facility in Yanbu and an Aramco building in Riyadh [1]. Separately, CoinDesk reported that Iran's Revolutionary Guard claimed to have destroyed a U.S. early-warning radar in Bahrain, calling it a "serious warning" [4].
Analysts read Trump's remarks differently. Sugandha Sachdeva of the New Delhi research firm SS WealthStreet told Reuters the signals suggest Washington may lean more on sanctions and shipment restrictions than on military escalation, and that weak oil prices also reflect softening U.S. demand, but she warned that "any fresh disruption to oil supplies could quickly reignite upward pressure on prices" [1].
Demand-side data have leaned soft. The U.S. Energy Information Administration said crude and fuel inventories rose last week, driven by weaker refined product demand and a jump in imports, Reuters reported [1].
Oil's influence extends well beyond energy stocks. Yahoo Finance said Thursday's bond sell-off followed a spike in oil prices, sending the 10-year Treasury yield to 5.10%, its highest level since October, and that traders are bracing for a Federal Reserve rate hike in December [5]. Energy costs also feed directly into inflation readings, which is one reason today's U.S. producer price index is drawing attention; economists expect a 0.4% monthly increase after a 1.3% jump in September [5].
Several markers are worth watching into the weekend. One is whether the blockade holds without new military exchanges, since Reuters tied the week's price decline to reduced fears of renewed fighting. Another is whether the attacks claimed by the Houthis and reported by Iran's military are confirmed, and whether they affect actual shipments through Hormuz or Saudi export routes. A third is the weekly close itself: a second consecutive decline would extend a pullback that still leaves Brent far above its pre-war price of about $72.
Sources:
[1] Reuters (via Lufkin Daily News), "Oil prices set for second weekly decline as Trump sticks with Iran blockade", November 13, 2026. https://lufkindailynews.com/news_reuters/business/oil-prices-set-for-second-weekly-decline-as-trump-sticks-with-iran-blockade/article_088d5dc5-3249-5c04-9946-77bae337a035.html
[2] Associated Press (via WSLS), "Asian shares decline as investors assess impact of Nvidia's fallout on global AI development", November 13, 2026. https://www.wsls.com/business/2026/11/13/asian-shares-are-mixed-as-investors-assess-impact-of-nvidias-fallout-on-global-ai-development/
[3] Euronews, "European shares fall as Nvidia CEO's exit raises doubts over AI boom", November 13, 2026. https://www.euronews.com/2026/11/13/european-shares-fall-as-nvidia-ceos-exit-raises-doubts-over-ai-boom
[4] CoinDesk, "BTC news: Prices slip below $70K, triggering $1.2 billion in liquidations", November 13, 2026. https://www.coindesk.com/markets/2026/11/13/bitcoin-dips-below-usd70-000-as-selloff-gathers-pace
[5] Yahoo Finance, "Stock market today: Dow, S&P 500, Nasdaq futures hold steady as Nvidia tumult deepens", November 13, 2026. https://finance.yahoo.com/markets/live/stock-market-today-friday-november-13-dow-sp-500-nasdaq-nvidia-110151154.html
This article was produced with AI assistance. It is for informational purposes only and is not financial advice. StockVolt and its authors may hold positions in securities mentioned.