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Brent crude rose above $94 a barrel on Thursday, extending gains for a second session after hitting a ten-week low of $91.5 on November 10. Trump said the US no longer needs a deal with Iran, while Tehran ruled out removing enriched nuclear material.
Saudi Arabia reported a 26% rise in October output, and US crude inventories rose by 4.657 million barrels.
Geopolitical tension supports crude prices, but recovering Gulf supply and a US stock build cap the rally. Crude moves feed into diesel, fertilizer and freight costs for feed producers.
tradingeconomics.comNov 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.
