Oil gains after two-day drop with focus on US-Iran war outlook

Résumé détaillé

Brent for January settlement advanced 0.8% to $92.24 a barrel at 1:23 p.m. in Singapore.

Oil edged higher after a two-day decline, as traders weighed the outlook for an end to the US-Iran war.

Brent traded near $92 a barrel after sliding 7% in the week’s first two sessions, while West Texas Intermediate was below $87. US President Donald Trump has said further strikes on Iran wouldn’t be necessary, but regional flare-ups have persisted and talks have shown little progress.

The global benchmark is still up more than 50% this year, but the oil market has reversed sharply in November, with Brent tumbling from a six-month high on hopes the conflict will ease and as Persian Gulf energy exports rise. Crude continues to flow from the Middle East despite attacks on ships, pressuring futures as regional shipments approach prewar levels.

“Insofar as the two sides may ultimately sign a deal with staying power, it’s likely to be a messy hodge-podge that leaves a lot of issues unresolved,” said Pavel Molchanov, an analyst at Raymond James & Associates Inc. “But as long as the Strait of Hormuz ends up being reopened on a sustained basis, that’s what the oil market cares about.”

Several technical factors amplified the recent selloff, which saw Brent briefly dip below $90 for the first time since August. Trend-following commodity trading advisers slashed their Brent long positions to 9% on Tuesday from 45% at the end of the previous session, according to data from Kpler. The funds also reduced their long positions in WTI to 9%, the firm said.

In the physical market, a tanker carrying Russian diesel that had briefly signalled a US destination made a U-turn off New York, adding uncertainty over deliveries to the North American market. Last month, President Vladimir Putin agreed to supply fuel to the US and global markets in a deal with Trump, though the arrangement drew criticism from Democrats.

Meanwhile, the American Petroleum Institute reported US crude inventories rose by 9 million barrels last week.

Separately, the Energy Information Administration raised its 2027…

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