Iran’s Stance on Nuclear Material Lifts Oil Prices; Brent Rises More Than 1%
Global oil prices rebounded on November 11, 2026, after Iran said it would not allow enriched nuclear material to be moved out of the country, dampening hopes for easing tensions. Brent crude futures closed at $92.76 a barrel, while Middle East shipping risks and an attack on a Russian port also drew market attention.
Global crude oil prices rose about 1% on November 11, 2026. Iran said it would not allow enriched nuclear material to be moved out of the country, dampening market expectations that tensions would ease and raising concerns that crude oil supplies in the Middle East could tighten. Brent crude futures rose $1.27, or 1.39%, to close at $92.76 a barrel; U.S. light crude rose $0.49, or 0.57%, to close at $86.53 a barrel.
A gas station in Athens, Greece.（VietVance）
Despite the day’s rebound, the two benchmark crudes were still down about 17% and 21%, respectively, since the beginning of November. Earlier, hopes that the conflict would end had pushed oil prices lower. Analysts said positive diplomatic signals did not mean operational risks had disappeared; those risks continued to support oil prices.
Shipping security in the Middle East is among the risks drawing market attention. A total of 37 vessels were attacked in October 2026, making it the worst month since fighting broke out in February of that year. Observers noted that even if a political agreement is reached, mine clearance and high insurance costs could prevent shipping from quickly returning to normal.
The market is also watching Russia’s supply situation. Ukraine continued to use drones to attack Russia’s Baltic port of Ust-Luga, and the incidents caused fires. Russia’s oil refining capacity has fallen by about 30% since late October 2026. Meanwhile, peace talks between Russia and Ukraine in Abu Dhabi remain deadlocked because of a lack of mutual trust.
Source: VietVance
