Oil rises 1% as Iran vows to keep enriched uranium

thestar.com.my — November 12, 2026 at 01:01 AM UTC

Oil prices rose about 1% on Wednesday after Iran's security chief said the country would not allow any enriched nuclear material to leave, intensifying supply concerns and lifting prices from two-month lows hit the prior session. Brent settled $1.27 higher at $92.76, while US West Texas Intermediate gained 49 cents to $86.53. The gains followed fading hopes of de-escalation, with 37 ships attacked in October, the highest monthly total since the war began, according to Washington Institute data. US crude stocks rose by 9 million barrels last week, per API data, with official figures due Thursday. Middle East crude outages have dropped to about 3.8 million barrels daily, while Russian and Ukrainian negotiators reported some progress in peace talks in Abu Dhabi.

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