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Oil heads for second weekly drop as US blockade of Iran eases war fears

Brent and WTI edged lower on Friday, heading for a second weekly fall, while attacks on tankers and Saudi facilities keep supply risks in view, Reuters reports.

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what happened

Oil futures slipped on Friday and were on track for a second consecutive weekly decline. An ongoing US blockade of Iran has eased worries about renewed fighting in the Middle East, though risks to shipping remain. Brent fell 28 cents, or 0.29%, to $95.54 a barrel, while WTI lost 56 cents, or 0.63%, to $88.18. The Friday drop erased two days of gains.

According to Reuters, President Donald Trump said on Truth Social that a deal with Iran was not needed to end the war, a signal that Washington may lean on sanctions and oil shipment curbs rather than escalation. Analysts also link the weakness to softer US demand, as crude and fuel stockpiles rose, the Energy Information Administration said on Thursday.

Meanwhile, Iran's military said four tankers were hit by explosions in the Strait of Hormuz, and Yemen's Houthis claimed attacks on a Saudi East-West pipeline pumping station, a facility in Yanbu and an Aramco building in Riyadh. Reuters could not immediately verify Iran's account.

why it matters

Brent is set for a 2.9% weekly loss after a 16% drop the previous week, while WTI is heading for a 2.9% decline after falling 13% before that. The market is balancing easing war concerns against real threats to tanker traffic, so any fresh supply disruption could quickly push prices back up.

market impact

Oil: easing war risk and weaker demand pressure Brent and WTI, while Hormuz shipping threats support prices

  • Brent mixed — easing Iran war fears weigh, while tanker attacks support the price
  • WTI mixed — rising inventories and softer demand weigh, Gulf supply risks support

tags

Futures

instruments

BrentWTI ↗НефтьBrent crudeSaudi AramcoStrait of Hormuz tanker traffic

on polymarket

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sources

  1. Oil prices set for second weekly decline as Trump sticks with Iran blockade — Reuters, 13 November 2026 at 05:42 UTC

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