Crude Oil Prices Hold Gains as Trump Sidelines Vance from Iran Diplomacy | November 13, 2026

Crude oil prices held onto gains on Friday, November 13, as US President Donald Trump ruled out the need for an agreement with Iran, weakening hopes of a diplomatic breakthrough to end the conflict and restore energy supplies, as per news reports. 

US WTI crude futures rose 0.07% to US$88.80 a barrel at 18:52 ET (23:52 GMT). Brent crude futures settled 3.4% higher at US$95.95 a barrel overnight. 

Trump Steps Back from Iran Negotiations 

Trump instructed Vice President JD Vance to focus on domestic priorities rather than diplomatic discussions with Tehran, dealing another setback to efforts to revive back-channel negotiations. 

In a Truth Social post on Thursday, Trump said Washington had secured significant financial leverage over Iran and control of the Strait of Hormuz. He added that the US no longer needed an agreement with Tehran. 

Persian Gulf Security Risks Remain Elevated 

Security concerns across the Persian Gulf continue to threaten commercial shipping and energy supplies. Verisk Maplecroft recorded 36 confirmed attacks on commercial vessels across the Persian Gulf, Strait of Hormuz and Gulf of Oman in October. 

This was the highest monthly total since the conflict began. Attacks on vessels east of the Strait of Hormuz have added to concerns over shipping disruptions. 

Iran has also maintained its firm position on nuclear negotiations, with its Supreme National Security Council secretary ruling out the removal of the country's enriched nuclear material. 

OPEC Production Recovers in October 

OPEC crude production increased by 1.96 million barrels per day to 27.16 million bpd in October, moving closer to its pre-war level of 28.63 million bpd recorded in February. 

Saudi Arabia led the recovery, raising production to 10.56 million bpd in October from 8.37 million bpd in September. 

Read More: Page Industries Share Price Falls Over 12% After Q2 FY27 Earnings Results: Total Income Up 10.9% YoY! 

Brent Heads for Second Weekly Decline 

Despite the latest gains, Brent crude remained on track for a second consecutive weekly decline after reaching a six-month high in late October. 

Higher crude flows from the Middle East and expectations of renewed diplomatic efforts following Democratic gains in the US midterm elections have weighed on the global benchmark. However, oil futures remain nearly 60% higher year to date. 

Conclusion 

Oil markets continue to balance recovering crude production against persistent geopolitical and shipping risks. With US-Iran tensions unresolved and security concerns around the Strait of Hormuz continuing, uncertainty over global energy supplies remains elevated. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.  

 Investments in the securities market are subject to market risks. Read all related documents carefully before investing.