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Oil Rises to $93.64 as Iran Nuclear Standoff Deepens
Why is oil up today?
Brent crude (BZ=F) rose about 2% to $93.64 a barrel by midday Wednesday after Iran ruled out handing over enriched uranium and threatened US bases, reviving supply fears.
Key numbers
| Brent crude (midday, Nov 11) | $93.64+2.35% on the day |
|---|---|
| WTI crude (midday, Nov 11) | $87.73+1.96% on the day |
| Brent change since Nov 1 | about -21%after two-month low on Nov 10 |
| Ships attacked in October | 37highest monthly total since the war began |
| Middle East crude outages | about 3.8M bpdbarrels per day offline |
| US crude stocks, latest week | +9M barrelssupply build |
What happened
Brent crude (BZ=F) rose about 2% to $93.64 a barrel by midday Wednesday after Iran ruled out handing over enriched uranium and threatened US bases, reviving supply fears. Security chief Mohsen Rezaei said Tehran will not let enriched uranium leave the country, rejecting a US ceasefire proposal to send it abroad, and warned that new US attacks would be met with strikes on American bases. The day before, Brent had briefly dipped below $90 for the first time since August on hopes of a deal. Even after the jump, Brent is still down about 21% in November.
Why it matters
Oil feeds into petrol, flight and shipping costs, so Iran's refusal to hand over its uranium matters well beyond the Middle East. It makes a quick peace deal look less likely, and traders are again adding a risk premium, an extra amount paid for the chance that supply is cut off. Brent is still far below its $130 peak earlier this year but well above the roughly $60 where it started 2026.
Who this affects
- MarketmixedMedium impact
- Oil traders gain; fuel-buying consumers and airlines face higher costs.
- CompanybullishLow impact
- Oil producers benefit from firmer crude prices.
- CompetitorsbullishLow impact
- Other crude exporters gain while Iran talks stay stalled.
- IndustrybearishMedium impact
- Shippers and airlines face higher fuel and attack risks.
Brent Crude vs WTI Crude
| Brent crudeBZ=F | $93.64 | +2.35% | about -21% | $130 |
|---|---|---|---|---|
| WTI crudeCL=F | $87.73 | +1.96% | about -17% | — |
As of 2026-11-11
How we got here
US-Iran conflict begins, disrupting Strait of Hormuz shipping and lifting oil prices.
Brent falls about 5% as Trump plays down new US attacks on Iran.
Brent dips below $90 for the first time since August, settles at $91.49.
Iran rules out sending enriched uranium abroad; Brent rises about 2% to $93.64.
What to watch
- Whether US-Iran talks on nuclear material and Strait of Hormuz access resume or stall.Q4 2026
- Further attacks on tankers, after 37 ships were hit in October.Q4 2026
- Next weekly US crude stock figures, after a 9-million-barrel build.2026-11-18
Educational content only. Not investment advice.
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