Oil edges higher as Iran uncertainty offsets peace hopes

Crude oil prices held modest gains Friday after rebounding from a two-month low, as unresolved tensions over Iran and tanker attacks kept buyers in the market.

Brent crude futures stood at $98.29 a barrel, up $3.67, or 3.88% at 8:41 am Beijing time on Nov. 6.

WTI futures rose 55 cents, or 0.61%, to $91.07, putting the Brent-WTI spread at $7.22.

Murban Crude stood at $95.89, down $5.00, or 4.96% lower than the previous close.

Brent rose for the first time in four sessions on Thursday after plunging more than 8% a day earlier to a near two-month low.

Brent briefly climbed to $98.44 on Thursday, notes Trading Economics.

The region's major shipping corridors remain operational, but "operational" does not mean safe.

Shipping companies must continue assessing individual voyages against evolving military and security threats, while insurance costs have gone sky-high since the start of the war on February 28, 2026.

Iran’s Revolutionary Guard said two oil tankers and a tugboat caught fire after trying to use "unauthorised" routes through the Strait of Hormuz.

UKMTO reported at least five vessel incidents in the Gulf since Sunday.

The US inventory report added support, showing crude, gasoline and distillate stocks fell as demand hit a one-year high.

Traders are weighing the war’s direction.

Eurasia Group cut its odds of renewed US strikes to 60% from 65%, but also cut the chance of a deal to 10% from 20%.

Prices remain well below the geopolitical peak.

Crude had pushed toward $118 a barrel in late October. Recovery in Middle East crude exports has not been matched by refined fuel supplies, which leaves prices vulnerable to volatility.

What’s next

Watch Qatar-mediated talks, further Hormuz incidents and US strike decisions. Eurasia Group says escalation could push Brent to $110–$125 a barrel.