# November 2 | Oil Weekly: Hormuz Tanker Attack and Inventory Draws Support Prices, While Weak End Demand Caps Gains

> Oil prices fell and then recovered during October 26 to 30, ending the week modestly higher. WTI rose 0.82% to $104.12 and Brent gained 0.79% to $117.64. Falling US inventories and a tanker attack in the Gulf kept supply security in focus.

- Date: 2026-11-02 · published 2026-11-03T00:07:59.925Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/76392-november-2-oil-weekly-hormuz-tanker-attack-and-inventory-draws-support-prices
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Backwardation and tight near-term supply keep physical crude and diesel costs elevated for feed producers. Weak end demand limits further gains, so the outlook for input costs is mixed.

## Read by commodity

- WTI: neutral
- BRENT: neutral

## Sources

- goodman-macro.com: https://www.goodman-macro.com/en/articles/20261102-oil/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.