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Oil heads for sharp weekly fall, but Middle East supply risks hold prices up

Brent and WTI are set for a steep weekly drop on de-escalation hopes, yet tanker attacks in the Strait of Hormuz keep a floor under the market, Reuters reports.

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what happened

According to Reuters, oil is on course for a sharp weekly decline on expectations that the Iran war may ease after Donald Trump's Republicans lost ground in the US congressional elections. Brent futures for January rose $1.57, or 1.6%, on Friday to $99.86 a barrel, while WTI gained $1.10 to $91.62.

Brent is still on track to fall about 12% this week and WTI 12.1%. Prices slumped 8% on Wednesday to two-month lows, then rebounded after a surge in tanker attacks in the Gulf and the Strait of Hormuz, the main outlet for Middle Eastern oil shipments. Iran said three more tankers were hit on Thursday, and UKMTO data suggests attacks are running close to a record pace.

ANZ analyst Daniel Hynes said Iran holds control of the strait and is unlikely to give it up, with flows still below 60% of capacity.

why it matters

The market is balancing hopes for lower tensions against real supply disruptions. While the threat to tankers persists, weekly losses look limited, and any news from Hormuz is likely to move crude sharply.

market impact

Oil: Hormuz supply risks support Brent and WTI, while de-escalation hopes weigh on them

  • Brent mixed — de-escalation hopes pressure the price while tanker attacks in Hormuz support it
  • WTI mixed — easing tensions shrink the risk premium, but supply threats from the region remain

tags

Futures

instruments

BrentWTI ↗Crude oil ↗

on polymarket

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sources

  1. Oil set for sharp weekly drop but Middle East supply concerns provide floor — Reuters, 6 November 2026 at 02:33 UTC

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