November 13, 2026 | Energy | Global Markets

Global oil prices are heading towards a second consecutive weekly decline as US President Donald Trump maintains Washington’s blockade on Iran, easing some concerns about a wider military escalation in the Middle East.

Despite fluctuations during Friday’s trading session, both major international oil benchmarks remained on track for weekly losses. Investors are closely monitoring developments in the region, particularly the security of oil shipments through the strategically important Strait of Hormuz.

Brent crude futures rose 0.26% to $96.04 per barrel, while US West Texas Intermediate (WTI) crude slipped 0.20% to $88.59 per barrel at 0741 GMT.

For the week, Brent was heading towards a 2.3% decline, while WTI was expected to lose approximately 2.4%. These losses followed a sharp fall in oil prices during the previous week.

Trump’s Iran Strategy Influences Oil Markets

Oil traders are assessing the potential consequences of Washington’s decision to continue its blockade of Iran.

Trump recently indicated that reaching a deal with Tehran was not essential to ending the conflict. His comments have increased expectations that the United States could continue relying on economic sanctions and restrictions on oil shipments rather than expanding military operations.

The prospect of reduced military escalation has helped ease some concerns about immediate disruptions to global energy supplies.

However, uncertainty surrounding the conflict continues to influence investor sentiment and trading activity.

Strait of Hormuz Remains a Major Concern

Despite declining prices, the security of the Strait of Hormuz remains a significant concern for the international oil industry.

The narrow shipping route connects the Persian Gulf with international markets and serves as a crucial passage for crude oil exports from major Middle Eastern producers.

Iran’s military claimed that four oil tankers were struck by explosions in the waterway after allegedly ignoring warnings. These claims had not been independently verified by Reuters.

Meanwhile, Yemen’s Iran-aligned Houthi movement claimed responsibility for attacks targeting Saudi energy infrastructure, including a pumping station along the East-West pipeline, an oil facility in Yanbu and an Aramco building in Riyadh.

Any further disruption to shipping routes or energy infrastructure could create fresh uncertainty in global crude markets.

Weak US Demand Adds Pressure

Apart from geopolitical developments, signs of softer demand in the United States are also weighing on oil prices.

According to the US Energy Information Administration, American crude oil and fuel inventories increased during the latest reporting week.

Commercial crude stocks rose by 4.7 million barrels to 414.4 million barrels in the week ending November 6.

The increase was significantly different from market expectations, with analysts surveyed by Reuters having anticipated a decline of approximately 1.1 million barrels.

Higher imports and weaker demand for refined petroleum products contributed to the inventory build-up.

Rising stockpiles can indicate that supply is exceeding immediate consumption requirements, adding downward pressure to crude prices.

Oil Market Remains Sensitive to Geopolitical Developments

Market participants continue to balance two competing forces: expectations of weaker demand and the possibility of sudden supply disruptions in the Middle East.

Analysts say the recent decline suggests investors are taking account of the reduced likelihood of further military escalation, although uncertainty remains elevated.

A fresh attack on oil infrastructure, shipping vessels or important export routes could quickly reverse the current downward trend.

Global Energy Outlook

The direction of oil prices in the coming sessions will depend heavily on developments surrounding the US-Iran conflict, the security of Gulf shipping routes and the outlook for international fuel consumption.

For now, crude markets are showing signs of easing after substantial recent declines. Nevertheless, the possibility of renewed disruption means that traders remain cautious.

The latest movement highlights how closely global energy prices remain connected to geopolitical tensions, American economic demand and the stability of major oil transportation routes.