Oil is headed for a second weekly decline as the U.S. focuses on its Iran blockade, Reuters says
President Donald Trump said a deal with Iran was not necessary to end the war. Iran's military said four oil tankers were hit in the Strait of Hormuz; Reuters could not immediately verify the accounts.
By James Mitchell ·
Why it matters: Commercial crude inventories rose 4.7 million barrels to 414.4 million in the week ended Nov. 6, leaving stocks 4% below the five-year average.
For information only, not investment advice.
Reuters reported Friday that the U.S. blockade and other pressure on Iran had eased worries about another direct confrontation, although attacks on shipping still threaten oil supplies.1 Oil prices were headed for a second weekly decline.1 President Donald Trump said on Truth Social a deal with Iran was not necessary to end the war.1
Iran's military said Thursday that explosions hit four tankers in the Strait of Hormuz after they ignored warnings. Reuters said it could not immediately confirm the account.1
Commercial crude oil inventories, excluding the Strategic Petroleum Reserve, increased 4.7 million barrels to 414.4 million barrels in the week ended Nov. 6, 4% below the five-year average, the Energy Information Administration said.2
Sources
- Oil prices set for second weekly decline as Trump sticks with Iran blockade, CNA
- Weekly Petroleum Status Report summary, week ending November 6, 2026, U.S. Energy Information Administration
Tags: energy · markets-moves · white-house