Oil drops more than $1 as easing geopolitical fears weigh on prices
Brent fell to $91.29 and WTI to $85.29 as markets priced in Ukraine talks and rising OPEC+ output and US stocks, Reuters reports.
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what happened
Oil prices fell by more than $1 a barrel on Thursday. Reuters reports that easing worries about a wider conflict in the Middle East reduced the risk premium built into crude. Brent futures dropped $1.47, or 1.58%, to $91.29 a barrel by 0426 GMT, while WTI slipped $1.24, or 1.43%, to $85.29.
The decline reversed Wednesday's gains, when Brent had risen 1.4%. Pressure came from OPEC+ crude output, which rose in October on higher Saudi production, and from a 9 million barrel build in US crude stocks reported by the American Petroleum Institute. Official EIA data is due Thursday, a day late because of a US holiday on Wednesday.
Russian and Ukrainian negotiators agreed to a major prisoner exchange at peace talks in Abu Dhabi, though US mediators said differences on territory remain. Iranian security chief Mohsen Rezaei said Iran will not let any enriched nuclear material leave the country. Hiroyuki Kikukawa, chief strategist at Nissan Securities Investment, said the uncertainty around the Strait of Hormuz means markets are unlikely to collapse significantly.
why it matters
Two forces are working on oil at once: diplomacy lowers the risk of supply disruptions, while rising OPEC+ output and growing US inventories add supply. Which one dominates is unclear, so prices remain sensitive to developments in the region and to the upcoming data.
market impact
Oil: lower geopolitical risk premium and more supply put pressure on Brent and WTI
- Brent pressure down — a shrinking geopolitical risk premium and higher OPEC+ output
- WTI pressure down — growing US crude inventories and oversupply concerns
tags
instruments
on polymarket
sources
- Oil falls over $1 on easing geopolitical fears and oversupply worries — Reuters, 12 November 2026 at 04:51 UTC
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