Oil prices slip as OPEC+ output gains outweigh Middle East risks

business-standard.com — November 12, 2026 at 02:01 PM UTC

Oil prices fell on Thursday as rising OPEC+ output outweighed geopolitical risks, with Brent down 0.58% to $92.22 a barrel and US crude down 0.77% to $85.86, both heading for weekly declines. The drop came despite tensions in the Strait of Hormuz, where two oil supertankers were disabled by naval mines on Wednesday night, and ongoing Middle East conflict. OPEC+ production rose in October, driven by higher Saudi output, offsetting shipping disruptions. Iran warned of consequences if the US launches new strikes, while Russian and Ukrainian negotiators agreed to a prisoner exchange after peace talks in Abu Dhabi. Markets also awaited delayed US oil inventory data from the Energy Information Administration.

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