# Oil set for sharp weekly drop but Middle East supply concerns provide floor

- URL: https://talkfuse.com/story/oil-set-for-sharp-weekly-drop-but-middle-east-supply-concerns-provide-floor/
- Published: 2026-11-06T02:49:50+00:00
- Updated: 2026-11-06T03:34:13+00:00
- Original publisher: CNA (publisher lean: Centre)
- Original article: https://www.channelnewsasia.com/business/oil-set-sharp-weekly-drop-middle-east-supply-concerns-provide-floor-6529851
- Topics: Middle East, World

## Key points

- Oil prices are still set for a roughly 12 per cent weekly fall.
- US election results fuelled hopes of de-escalation in the Iran war.
- Tanker attacks and restricted Hormuz flows have supported prices.

## Summary

Oil prices are heading for a sharp weekly fall as US election results raised expectations that the Iran war could de-escalate. The drop has been tempered by renewed concern that attacks in the Gulf could disrupt Middle Eastern oil supplies.

Brent rose 1.6 per cent to $99.86 a barrel on Friday, while US crude gained 1.22 per cent to $91.62. Even after two days of gains, Brent and US crude were each on track to lose about 12 per cent for the week; tanker attacks near the Strait of Hormuz, where oil flows are below 60 per cent of capacity, have reinforced supply worries.

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Summarised by TalkFuse (https://talkfuse.com/). Quote the original publisher for the reporting and link this page for the summary and discussion.