# Oil on track for weekly losses of about 12% despite gains in two sessions

> Brent and WTI futures rose for a second consecutive session but remained on track to lose about 12% for the week. The weekly decline followed expectations that the Iran war could ease after the US midterm elections.

- Date: 2026-11-07 · published 2026-11-07T03:09:05.030Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/85416-oil-on-track-for-weekly-losses-of-about-12-despite-gains-in-two-sessions
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A lower perceived risk of conflict and disruption to oil flows has reduced the geopolitical premium in crude, easing energy input costs. The weekly losses indicate that bearish pressure outweighed the recent daily gains.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2019-02-26 | [Despite progress in trade talks between the U.S. and China, oil futures gave up early gains](https://feedsoft.ai/events/60761-despite-progress-in-trade-talks-between-the-u-s-and-china-oil-futures-gave-up.md) | +1.0% | +4.5% |
| BRENT | 2026-05-29 | [Oil Sees Biggest Weekly Loss Since April on Iran Deal Talk](https://feedsoft.ai/events/12490-oil-sees-biggest-weekly-loss-since-april-on-iran-deal-talk.md) | +2.5% | -21.2% |
| BRENT | 2018-07-12 | [Oil extends losses despite IEA warning of spare capacity limits](https://feedsoft.ai/events/10096-oil-extends-losses-despite-iea-warning-of-spare-capacity-limits.md) | -3.6% | -3.9% |
| BRENT | 2026-05-29 | [Oil prices log steepest weekly loss since April on potential US-Iran peace deal \| The National](https://feedsoft.ai/events/12723-oil-prices-log-steepest-weekly-loss-since-april-on-potential-us-iran-peace-deal.md) | +2.5% | -21.2% |
| BRENT | 2026-04-10 | [Dollar set for weekly drop ahead of US-Iran peace talks](https://feedsoft.ai/events/11159-dollar-set-for-weekly-drop-ahead-of-us-iran-peace-talks.md) | +0.8% | -5.5% |
| WTI | 2019-02-26 | [Despite progress in trade talks between the U.S. and China, oil futures gave up early gains](https://feedsoft.ai/events/60761-despite-progress-in-trade-talks-between-the-u-s-and-china-oil-futures-gave-up.md) | +2.2% | +6.1% |
| WTI | 2026-05-29 | [Oil Sees Biggest Weekly Loss Since April on Iran Deal Talk](https://feedsoft.ai/events/12490-oil-sees-biggest-weekly-loss-since-april-on-iran-deal-talk.md) | +4.6% | -23.5% |
| WTI | 2018-07-12 | [Oil extends losses despite IEA warning of spare capacity limits](https://feedsoft.ai/events/10096-oil-extends-losses-despite-iea-warning-of-spare-capacity-limits.md) | -2.4% | -5.0% |

## Sources

- sawti.eu: https://sawti.eu/en/economy/news/asaar-alnft-ttjh-ila-ankhfadh-asbway-had-ytjawz-al-12percent

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