# Oil Prices Head for 12% Weekly Drop Despite Friday Rebound as Tanker Attacks Rattle Hormuz

> Brent and WTI rose for a second session on Friday, to $99.86 and $91.62 a barrel, respectively, but remained on track for weekly losses of about 12%. Prices had fallen sharply as traders anticipated an end to the US-Israeli war on Iran, while new tanker attacks and Strait of Hormuz oil flows below 60% of capacity remained supply risks.

- Date: 2026-11-07 · published 2026-11-07T18:07:38.602Z
- Category: geopolitics · region Middle East · magnitude medium
- Page: https://feedsoft.ai/events/86246-oil-prices-head-for-12-weekly-drop-despite-friday-rebound-as-tanker-attacks
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Prospects for reduced conflict risk have driven oil lower, potentially easing energy and transportation costs for feed supply chains. Continued attacks and constrained Hormuz flows could limit the decline or prompt a rebound in crude prices.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2020-01-08 | [Oil Prices Drop Sharply as Worry Over Iran Attacks Fades](https://feedsoft.ai/events/9663-oil-prices-drop-sharply-as-worry-over-iran-attacks-fades.md) | -5.9% | -21.3% |
| BRENT | 2026-03-08 | [Oil prices fall as Trump weighs taking over Strait of Hormuz](https://feedsoft.ai/events/6633-oil-prices-fall-as-trump-weighs-taking-over-strait-of-hormuz.md) | +9.5% | +25.6% |
| 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% |
| BRENT | 2017-08-31 | [As oil prices weather storm, OPEC looks for long-term boost from Harvey](https://feedsoft.ai/events/69601-as-oil-prices-weather-storm-opec-looks-for-long-term-boost-from-harvey.md) | +5.8% | +13.5% |
| BRENT | 2019-09-18 | [Oil prices: Saudi Arabia pledges to restore production after drone attacks](https://feedsoft.ai/events/57237-oil-prices-saudi-arabia-pledges-to-restore-production-after-drone-attacks.md) | -2.2% | -9.4% |
| WTI | 2020-01-08 | [Oil Prices Drop Sharply as Worry Over Iran Attacks Fades](https://feedsoft.ai/events/9663-oil-prices-drop-sharply-as-worry-over-iran-attacks-fades.md) | -7.0% | -18.9% |
| WTI | 2026-03-08 | [Oil prices fall as Trump weighs taking over Strait of Hormuz](https://feedsoft.ai/events/6633-oil-prices-fall-as-trump-weighs-taking-over-strait-of-hormuz.md) | +8.5% | +25.0% |
| WTI | 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) | -3.2% | -1.9% |

## Sources

- usnewspulse.com: https://usnewspulse.com/print/3540/oil-prices-head-for-12-weekly-drop-despite-friday-rebound-as-tanker-attacks-rattle-hormuz

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