Global oil prices declined on Thursday, November 12, 2026, reversing the previous session’s modest recovery as traders continued to assess the outlook for Middle Eastern oil supplies and prospects for a diplomatic resolution to the US-Iran conflict.
Brent crude futures fell 0.95% to $91.88 per barrel, while US benchmark West Texas Intermediate (WTI) declined 0.99% to $85.67 per barrel.
The latest losses follow Wednesday’s rebound, when Brent gained 0.52% to $91.97 and WTI advanced 0.24% to $86.25.
The renewed decline suggests that investors remain cautious despite recent signs of easing geopolitical tensions, with expectations of a possible diplomatic breakthrough continuing to influence market sentiment.
Oil prices have retreated significantly from their late-October highs, when Brent traded above $117 per barrel, as hopes of an end to the Middle East conflict have reduced concerns about prolonged supply disruptions.
However, attacks on Saudi energy infrastructure and lingering constraints on refined petroleum products and liquefied natural gas supplies remain potential sources of market volatility.
