Updated 13 November 2026, 07:00 GMT. Brent crude futures were at $95.41 early on Friday, down 1 cent, after settling Thursday at $95.82, up $3.06 or 3.3 percent, on Houthi claims of attacks on Saudi oil sites and Iranian reports of tanker explosions in the Strait of Hormuz (Reuters). Verdict: Thursday put a risk premium back into the price, but Brent is still on track for a second weekly fall, and US producer prices land at 13:30 GMT today. Reference levels: $98 above, $92 below.
Key facts
- Thursday settlement: Brent $95.82, up $3.06 or 3.3 percent; WTI $88.74, up $2.21 or 2.6 percent (Reuters).
- Friday: Brent $95.41, down 1 cent, at 02:42 GMT (Reuters). HDFC Sky had it near $95.5 later in the Asian session.
- The week: both benchmarks were down about 2.5 percent for the week at Thursday’s settlement (Reuters). Brent settled at $98.32 last Friday.
- Saudi Arabia: Yemen’s Houthis said they hit a pumping station on the East-West pipeline, an oil facility in Yanbu and an Aramco building in Riyadh. The Saudi-led coalition said it intercepted two drones (Reuters).
- Hormuz: Iran’s military said four tankers were hit by explosions in the strait. Reuters could not immediately verify the account.
- Supply: US crude inventories rose by 4.7 million barrels to 414.4 million in the week to 6 November, according to the Energy Information Administration (HDFC Sky).
- Today: US producer price index for October at 8:30 a.m. ET, 13:30 GMT (Bureau of Labor Statistics calendar).
Why Brent jumped $3 on Thursday
Oil was lower in early Asian trading on Thursday. Then President Donald Trump posted on Truth Social that Washington did not need a deal with Iran, saying the US had “got their Strait”. Analysts quoted by CNBC read the post as a sign that the end of the war is not close, and that took away part of the peace trade that had pushed Brent below $90 on Tuesday.
The attack claims followed. The Houthis named three Saudi targets, including a pumping station on the East-West pipeline, the route Saudi Arabia uses to send crude to the Red Sea port of Yanbu without passing through Hormuz. Iran’s military reported explosions on four tankers in the strait. Neither account had been independently confirmed when the market settled, according to Reuters, but Brent closed $3.06 higher.
The move reversed much of the slide our Wednesday Brent page covered, when the contract was trading near its lowest settlement since August. Our WTI report from Tuesday covers the US blockade of Iranian shipments that Trump said would stay in place.
What is holding Brent back
Supply data points the other way. OPEC+ figures showed crude output rose in October, driven by higher Saudi production, and the EIA reported builds in US crude, gasoline and distillate stocks last week (Reuters). On Friday morning Brent gave nothing back but added nothing either: the market is waiting to see whether the attack claims are confirmed.
Rates matter too. October consumer prices came in above forecasts on Tuesday, and futures moved to price a Federal Reserve rate increase in December. A hot producer price reading today would add to that, and higher rates and a firmer dollar tend to weigh on oil. Our gold page covers the December rate pricing.
Brent price: bull, base and bear
| Scenario | Brent | What has to happen | Anchor |
|---|---|---|---|
| Bear | $92 | The Saudi and tanker claims are not confirmed, flows stay normal and a hot PPI firms the dollar. | Wednesday’s $92.76 settlement; about 3.6 percent below $95.41. Tuesday’s $91.49 settlement, the lowest since August, sits below it. |
| Base | $94-$97 | Brent holds most of Thursday’s gain while the attack reports are checked. | Thursday’s $95.82 settlement and Friday’s $95.41 quote. |
| Bull | $98 | Damage to Saudi infrastructure or tanker traffic is confirmed and the risk premium builds. | Last Friday’s $98.32 settlement; about 2.7 percent above $95.41. |
The bear case sits below the current price. These are reference levels measured from Friday’s 02:42 GMT futures quote, not forecasts.
What to watch today
- 13:30 GMT: US October PPI. A hot reading would support December hike pricing.
- Saudi Arabia: any statement from Aramco or Riyadh on the pipeline, Yanbu and the Riyadh building.
- Hormuz: independent confirmation of the tanker reports from shipping or insurance sources.
- The weekly close: a settlement below $98.32 marks Brent’s second straight weekly fall.
Quick take: Brent settled at $95.82 on Thursday, up 3.3 percent, after Trump said the US did not need an Iran deal and the Houthis and Iran reported attacks on Saudi sites and tankers. It was flat near $95.4 on Friday morning. Unconfirmed attacks and rising supply pull in opposite directions; $92 is the downside reference, $98 the upside.
FAQ
What is the Brent crude oil price today?
Brent futures were at $95.41 at 02:42 GMT on Friday 13 November, down 1 cent, according to Reuters, after settling at $95.82 on Thursday.
Why did oil prices rise on Thursday?
Trump said the US did not need a deal with Iran, the Houthis claimed attacks on Saudi oil facilities and Iran’s military reported explosions on four tankers in the Strait of Hormuz (Reuters, CNBC).
Were the attacks on Saudi Arabia confirmed?
Not independently. The Saudi-led coalition said it intercepted two drones; Reuters could not immediately verify Iran’s tanker account.
What is the WTI price today?
WTI settled at $88.74 on Thursday, up 2.6 percent (Reuters), and HDFC Sky had it near $88.3 in Asian trading on Friday.
Is oil up or down this week?
Down. Both benchmarks were about 2.5 percent lower for the week at Thursday’s settlement, according to Reuters. Brent settled at $98.32 last Friday.
What data could move oil today?
The US producer price index for October at 13:30 GMT, plus any confirmation of the Saudi and Hormuz reports.
Sources: Reuters via Investing.com and Yahoo Finance, 12-13 November 2026 (settlements, Friday quote, attack claims, OPEC+ and EIA data, weekly change); CNBC, 12 November 2026 (Trump post, analyst reading); HDFC Sky, 13 November 2026 (Asian-session quote, EIA inventory figures); Investing.com, 10-11 November 2026 (CPI and December rate pricing); Bureau of Labor Statistics release calendar (PPI timing).
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Commodity prices are volatile. Do your own research and consult a licensed financial adviser before making investment decisions.