Crude Oil Prices Rise After Fresh Tanker Attacks, Despite Steep Weekly Losses (November 6, 2026)

Crude oil prices rose during Asian trading on Friday November 6, 2026, as fresh attacks on vessels in the Middle East renewed concerns over global oil supplies, as per news reports. However, both major benchmarks remained set for significant weekly losses amid uncertainty surrounding the US-Israeli conflict with Iran. 

US West Texas Intermediate (WTI) crude futures gained 0.7% to US$91.14 per barrel as of 19:43 ET (00:43 GMT). 

The recovery followed Thursday's gains, when Brent crude settled nearly 4% higher and WTI advanced 2.7%. Both benchmarks plunged more than 8% on Wednesday, reaching their lowest closing levels since August 31. 

Despite the rebound, Brent was heading towards a weekly decline of more than 15%, while WTI was on course to lose approximately 12%. 

Fresh Tanker Attacks Raise Supply Concerns 

Concerns over shipping disruptions continued to support crude oil prices. At least five vessels reported incidents since Sunday, according to the United Kingdom Maritime Trade Operations (UKMTO). The frequency of attacks was approaching October's record of 35 reported vessel incidents. 

Iran's Islamic Revolutionary Guard Corps said two oil tankers and a tugboat caught fire in separate incidents after attempting to navigate unauthorised routes through the Strait of Hormuz. 

Saudi Arabia also warned of potential dangers near Yanbu, a key Red Sea oil export hub, as Yemen's Iran-aligned Houthi militants continued attacks on the kingdom. 

US Midterm Elections Leave Oil Markets Uncertain 

The US midterm election results initially raised hopes of renewed diplomatic efforts to end the conflict. Democrats gained control of both houses of Congress from President Donald Trump's Republicans. 

However, the outcome did not guarantee an immediate diplomatic breakthrough or the restoration of oil shipments through the Strait of Hormuz. 

Iranian Foreign Minister Abbas Araqchi held separate telephone discussions with his Saudi and Qatari counterparts regarding diplomatic efforts and regional stability, indicating that communication channels remained open. 

Read More: Mahindra & Mahindra Share Price Rises 5%; Reports 25% Growth in Q2FY27 Profit! 

Ukraine Attacks Add to Global Supply Risks 

Supply concerns also extended beyond the Middle East. Ukraine renewed attacks on Russian oil refineries, with the Ryazan refinery, one of Russia's largest, apparently targeted in an overnight drone attack, according to Reuters video analysis. 

Conclusion 

Fresh tanker attacks, uncertainty surrounding the Iran conflict and disruptions to Russian refining operations continued to influence crude oil prices. Despite the latest recovery, Brent and WTI remained on course for substantial weekly losses as markets monitored developments affecting global oil supplies. 

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