Crude Oil Prices Hovers Near 11-Week Lows as US-Iran Tensions Ease | November 11, 2026

Crude oil prices remained close to 11-week lows on Wednesday, November 11, 2026, as signs of easing tensions between the United States and Iran raised hopes of a possible diplomatic settlement. Improving oil shipments from the Middle East also weighed on prices. 

As of 7:43 AM, crude oil was trading at $86.48 per barrel, up $0.44 or 0.51%. Brent crude stood at $92.09 per barrel, gaining $0.60 or 0.66%. 

US Signals Possible De-escalation in Iran Conflict 

US President Donald Trump indicated that further military strikes against Iran may no longer be necessary, raising hopes of progress towards ending the conflict. The comments have brought renewed attention to the possibility of diplomatic negotiations between the two countries. 

Meanwhile, Congressional Democrats are considering using the upcoming government funding deadline to press the administration to end the conflict. 

Iran Sanctions and Naval Blockade Remain Key Issues 

Despite signs of progress, uncertainty continues as Iran seeks relief from US sanctions and the naval blockade before agreeing to peace talks. These demands remain important obstacles to a potential settlement. 

The situation continues to create uncertainty around Middle Eastern oil supplies, particularly as tensions persist in the region. 

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Middle Eastern Oil Shipments Recover 

Oil shipments from the Middle East have nearly returned to prewar levels, despite continued attacks on vessels in the Strait of Hormuz. 

The recovery in regional exports has eased some supply concerns that previously supported crude oil prices. The US oil benchmark has also fallen almost 20% from its late-October 2026 peak, reversing much of its earlier gains. 

Conclusion 

Crude oil prices remain near recent lows as markets respond to improving supply conditions and hopes of easing tensions between the US and Iran. Progress towards peace talks, developments surrounding sanctions and oil shipments through the Strait of Hormuz remain important factors for the market. 

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