Oil prices rose after Iran's new statement

Oil prices rose by approximately 1% on November 11, compared with two-month lows in the previous session, after the head of Iran’s security service said that Tehran would not allow any enriched nuclear material to be removed from the country. UNN reports this, citing Reuters.

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Washington said that nuclear issues must be part of any initial negotiations with Tehran aimed at ending the U.S.-Israeli war against Iran.

Brent crude futures rose by $1.28, or 1.4%, to $92.77 per barrel at 09:34 GMT (11:34 Kyiv time). U.S. West Texas Intermediate crude rose by 76 cents, or 0.9%, to $86.80.

In the previous trading session, oil prices initially fell by more than $3 per barrel after U.S. officials played down the need for further military strikes on Iran. Prices later recouped some of their losses after an Iranian security official said that no negotiations were taking place between the two sides.

"Oil prices are being supported by fading hopes of a quick de-escalation," said UBS analyst Giovanni Staunovo.

According to the Washington Institute for Near East Policy, there are virtually no signs of a decline in attacks in the Strait of Hormuz after 37 attacks on vessels in October, the highest monthly figure since the start of the war.

"There has been an increase in attacks on vessels in the Persian Gulf shipping lanes amid uncertainty over diplomatic negotiations," said June Goh, a senior analyst at Sparta Commodities.

She added that the key factor for the market is whether Iran will meet U.S. demands in order to reach a diplomatic agreement.

A tanker was attacked northeast of Lima in Oman, the British agency UKMTO reported on Tuesday, November 10. Iran’s Islamic Revolutionary Guard Corps separately said on Tuesday that two tankers caught fire after striking naval mines on an "unauthorized route" in the strait.

"Even if a deal is reached, an increase in traffic through the waterway would still depend on mine clearance, insurance costs, and whether shipowners are willing to take the risk at all," an LSEG Oil Research note dated November 10 said.

On the supply side, U.S. oil inventories rose by 9 million barrels over the past week, market sources said, citing data from the American Petroleum Institute. Official data is expected later on Wednesday.

Separately, in the russian federation, a local governor said that a drone attack caused a fire in the port area of Ust-Luga on Russia’s Baltic coast, injuring three workers.

Russian oil refinery capacity has fallen by approximately 30% since the end of October following the resumption of drone strikes, industry sources said.

The first peace meeting between Russian and Ukrainian officials since February took place in Abu Dhabi on Tuesday, as representatives of U.S. President Donald Trump began a new campaign to end the war, the publication writes.

Oil prices rise amid uncertainty over the war with Iran05.11.26, 17:20 • 7503 views