Oil prices were heading for steep weekly losses on Friday, as hopes of a diplomatic resolution to the US-Iran conflict eased concerns over supply disruptions. Fresh attacks on tankers in the Middle East limited the day's losses, according to Anadolu Agency. At 3.42 p.m. local time (1242 GMT), international benchmark Brent crude futures for January delivery traded at $97.88 per barrel, down 16.8% from last Friday's close of $117.64.
US benchmark West Texas Intermediate (WTI) crude futures for December delivery traded at $90.42 per barrel, down around 13.2% from $104.12 a week earlier. The week began on a negative note, with prices falling around 3% on Monday after reports suggested that US President Donald Trump was prioritizing diplomatic efforts to end the conflict with Iran. Speaking to reporters over the weekend, Trump said negotiations with Iran were progressing well and that he was in "no great hurry" to resume military strikes.
The decision by seven OPEC+ members at an online meeting on November 1 to refrain from implementing an additional production increase in December helped limit downward pressure on prices. Prices rebounded on Tuesday, supported by bargain hunting after recent declines and by reports of US military strikes on Iran's Qeshm Island, which heightened concerns over potential supply disruptions. Market sentiment remained volatile on Wednesday, as concerns over possible further US military action against Iran competed with expectations of a diplomatic breakthrough.
Prices fell more than 8% on Wednesday and came under renewed pressure on Thursday, extending a sharp decline that had taken them close to $95 per barrel. Hopes that diplomatic efforts led by Qatar and Pakistan, together with developments surrounding the US midterm elections, could improve the prospects for ending the conflict weighed on prices. Oil prices recovered on Friday, however, as fresh attacks on tankers in the Middle East revived concerns about potential disruptions to global crude supplies.
Source: Anadolu Agency, Energy section, November 6, 2026 (reporting by Ebru Şengül). Original article: https://www.aa.com.tr/en/energy/oil/oil-prices-set-for-sharp-weekly-decline-despite-tanker-attacks/60758
Source: aa.com.tr