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Brent for January settlement fell 1.6% to $91.27 a barrel, approaching a two-month low. Saudi Arabia reported that its October output rose 26%, and Iraq reported a new wartime high.
Iran refused to remove enriched nuclear material, so no progress toward ending the conflict is visible.
Higher Middle East flows are easing physical tightness and weakening price differentials, which points to a possible surplus. Lower crude generally reduces biofuel and diesel cost support for vegetable oils and grains.
moneyweb.co.zaKanoko Matsuyama, BloombergNov 12, 2026Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
