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Oil Falls 1.1% to $91.72 as Ukraine Peace Talks Advance
Why did oil fall 1.1% on Thursday?
Brent crude oil (BZ=F) fell 1.1% to $91.72 a barrel on Thursday as Ukraine and Iran peace-talk hopes and rising OPEC+ output outweighed Strait of Hormuz supply risks.
Key numbers
| Brent crude | $91.72-1.11% on the day |
|---|---|
| WTI crude | $85.71-0.97% on the day |
| Brent, other quote | $94.58-1.19% at 6:30am ET; differs from $91.72 [4] |
| US crude stockpiles | +9M barrelslatest weekly build, per [4] |
| Trump-Putin meeting | Nov. 18–19Shenzhen, on APEC sidelines |
What happened
Brent crude oil (BZ=F) fell 1.1% to $91.72 a barrel on Thursday as Ukraine and Iran peace-talk hopes and rising OPEC+ output outweighed Strait of Hormuz supply risks. The Kremlin said Trump and Putin will keep discussing a Ukraine settlement at the APEC summit (a gathering of Asia-Pacific leaders) in Shenzhen, China, on Nov. 18–19, and a three-way meeting with Xi Jinping is under discussion but not confirmed. Ukraine and Europe say they are being left out. Talks in Abu Dhabi on Nov. 10–11 produced a prisoner swap but no deal on territory.
Why it matters
Brent crude oil prices move with hopes that wars in Ukraine and the Middle East could ease, because peace would lower the risk of supply being cut off. A Trump-Putin meeting without Ukraine or Europe at the table could produce terms Kyiv refuses to accept, so the outcome stays uncertain. Oil is still far above its level a year ago, when Brent was about $63.
Who this affects
- MarketbearishLow impact
- Fuel buyers gain if peace hopes hold and oil keeps falling.
- CompanybearishLow impact
- Oil producers earn less if prices keep falling.
- CompetitorsbearishLow impact
- WTI fell 0.97% to $85.71, moving alongside Brent.
- IndustrymixedMedium impact
- Energy sector faces mixed signals: peace hopes versus Hormuz risks.
Brent Crude vs WTI Crude
| Brent CrudeBZ=F | $91.72 | -1.11% |
|---|---|---|
| WTI CrudeCL=F | $85.71 | -0.97% |
As of 2026-11-12
How we got here
Putin floats a trilateral summit with Trump and Xi during a call with Trump.
Ukraine, Russia and US resume trilateral peace talks in Abu Dhabi after a nine-month pause.
Abu Dhabi talks end with a prisoner-exchange deal; territory issues unresolved.
Kremlin aide Ushakov says Trump and Putin will discuss Ukraine at Shenzhen APEC summit.
What to watch
- Whether Xi Jinping confirms joining a three-way meeting in Shenzhen.2026-11-18
- Whether the next trilateral talks announced include Europeans, as US envoy Witkoff hopes.2026-11-19
- Brent crude reaction after the summit, with Hormuz shipping and OPEC+ output still in play.2026-11-19
Educational content only. Not investment advice.
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