Oil Prices Rebound on Tanker Attacks as Weekly Losses Exceed 12%

Aditi Sarkar

06 November 2026 05:59 PM AEDT

Oil Prices Rebound on Tanker Attacks as Weekly Losses Exceed 12%

Image Source: Shutterstock

You are reading a free article with opinions that may differ from the recommendation given by Kalkine in its paid research reports. Become a Kalkine member today to get access to our research reports, in-depth technical and fundamental research. Learn more

Start Your Free Trial Now!

Highlights

WTI crude futures rose 0.7% to USD 91.14 per barrel as tanker incidents revived Supply concerns.
Brent futures headed for a weekly fall exceeding 15%, while WTI remained on course to lose 12%.
At least five vessels reported incidents since Sunday amid renewed uncertainty surrounding the Strait of Hormuz.
Political developments and diplomatic contacts shaped expectations for a potential easing of the Middle East conflict.

Crude oil staged a recovery on Friday, 6 November 2026, but the rebound did little to erase the pressure building across the week. Fresh incidents involving tankers in the Middle East brought supply disruptions back into focus, while changing expectations around the U.S.-Israeli conflict with Iran kept traders weighing the prospect of a diplomatic settlement against the difficulty of restoring normal oil shipments.

A Friday Rebound Against a Difficult Weekly Backdrop

In Asian trading, U.S. West Texas Intermediate (WTI) crude futures advanced 0.7% to USD 91.14 per barrel as of 00:43 GMT. The increase followed Thursday’s recovery, when Brent Crude futures settled nearly 4% higher and WTI gained 2.7%. Those gains came immediately after a sharp Wednesday decline that pushed both benchmarks to their lowest closing levels since 31 August.

Wednesday’s sell-off exceeded 8% for both benchmarks. Despite the subsequent recovery, Brent futures were positioned for a weekly decline of more than 15%, while WTI was headed for a loss of around 12%. Friday’s advance therefore occurred within a market still absorbing a substantial shift in prices over several sessions.

Strait of Hormuz Incidents Return Supply Risks to the Forefront

A new series of reported maritime incidents complicated the supply outlook. At least five vessels had reported incidents since Sunday, with the pace of attacks drawing closer to the 35 vessel incidents recorded in October. The Islamic Revolutionary Guard Corps said two oil tankers and a tugboat caught fire in separate events after attempting to travel through unauthorised routes in the Strait of Hormuz.

The waterway remains central to concerns about the movement of energy supplies. Even as expectations of diplomatic progress affected prices, doubts persisted over how quickly a lasting agreement could be reached and whether shipments through the strait could reliably resume. The tanker incidents added a separate operational concern to those political questions.

Red Sea Warnings Broaden the Regional Picture

Disruption concerns were not confined to the Strait of Hormuz. Saudi Arabia warned of potential danger near Yanbu, its oil export hub on the Red Sea, as attacks on the kingdom by Yemen’s Iran-aligned Houthi militants continued. The warning placed another important oil export location within the broader picture of regional security developments.

Meanwhile, pressure on energy infrastructure extended beyond the Middle East. Ukraine renewed attacks on Russian oil refineries, and the Ryazan refinery, described as one of Russia’s largest, appeared to have been targeted during an overnight drone attack. Together, these developments kept several distinct sources of potential supply disruption in view.

US Midterm Results Reshape Expectations for Diplomacy

The political backdrop also shifted after the U.S. midterm elections. Democrats took control of both houses of Congress from President Donald Trump’s Republicans, initially encouraging expectations that additional political pressure could accelerate efforts to end the conflict with Iran. Those hopes contributed to the earlier retreat in crude prices as the market reconsidered the possibility of renewed diplomatic engagement.

However, the election result offered no assurance of an imminent breakthrough. Iran’s Foreign Minister Abbas Araqchi separately spoke with his Saudi and Qatari counterparts about diplomatic efforts to support regional stability. The contacts showed that discussions continued, without establishing a timetable for any agreement or for a dependable restoration of oil flows.

What Remains in Focus for Oil Markets

The immediate picture combines a sharp weekly decline with a late rebound driven by renewed shipping concerns. Market attention remains on reported vessel incidents, developments around export routes and the progress of regional diplomacy. For Brent and WTI, the contrast between Thursday’s gains and the expected weekly losses captures the competing forces reflected in early Friday trading.

FAQs

Q: Why did oil prices rise on Friday?

A: Fresh tanker incidents in the Middle East renewed concern about disruptions to oil shipments.

Q: How much were Brent and WTI expected to fall over the week?

A: Brent futures were headed for a decline exceeding 15%, while WTI futures faced a drop of about 12%.

Q: What was the reported WTI futures price?

A: WTI crude futures traded at USD 91.14 per barrel, up 0.7%, as of 00:43 GMT on 6 November 2026.

Download Free Report – Explore 3 Stock Ideas & Industry Insights

Unlock 3 stock ideas and key industry insights in our free report. This information is general in nature and does not consider your personal objectives, financial situation, or needs. It is not financial advice.

All investments involve risk—consider independent advice before making any investment decisions.

View 3 Research Reports

Disclaimer:

This article (“Article”) has been prepared by Kalkine Pty Limited (ABN 34 154 808 312) (Australian financial services licence number 425376) (“Kalkine”) and its related bodies corporate who are authorised to provide general financial product advice. Kalkine.com.au and its associated pages are published by Kalkine.

Any information/advice provided in this article is general in nature and does not take into account your objectives, financial situation or needs. You should therefore consider whether the information is appropriate for your objectives, financial situation and needs before acting upon it.

There may be a Product Disclosure Statement, Information Memorandum or other offer document (“Offer Document”) for the securities or other financial products referred to in Kalkine articles. You should obtain a copy of the Offer Document and consider it before making any decision about whether to acquire the security or financial product.

Kalkine strongly recommends that you seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) before acting on any advice/information in this Article or on the Kalkine website. Not all investments are appropriate for all people.

The information in this Article and on Kalkine website has been prepared from a wide variety of sources, which Kalkine, to the best of its knowledge and belief, considers accurate. Kalkine has made every effort to ensure the reliability of the information contained in its articles (including this Article), newsletters and websites. All information represents our views at the date of publication and may change without notice.

The information in this Article does not constitute an offer to sell securities or other financial products or a solicitation of an offer to buy securities or other financial products.

Kalkine does not issue, sell or deal in any financial products.

This Article may contain information on past performance of particular investments. Please note past performance is neither an indicator nor a guarantee of future performance.

To the extent permitted by law, and excluding any dishonesty or gross negligence by Kalkine, Kalkine disclaims and excludes all liability for any direct, indirect, implied, punitive, special, incidental or other consequential loss or damage arising from the use of or reliance on this Article, the Kalkine website and any information published on the Kalkine website without any warranties or representations by Kalkine to you. To the extent the law prohibits or limits this exclusion, Kalkine limits its liability to the resupply of services.

Please also read our Terms & Conditions and Financial Services Guide for further information.

Employees and/or associates of Kalkine and its related entities may hold interests in the securities or other financial products covered in this Article or on the Kalkine website. Any such employees and associates are required to comply with certain safeguards, procedures and disclosures as required by law.

Some of the images/music that may be used in the Article are copyright to their respective owner(s). Kalkine does not claim ownership of any of the pictures displayed/music used in the Article unless stated otherwise. The images/music that may be used in the Article are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

Kalkine Media Pty Ltd, an affiliate of Kalkine Pty Ltd, may have received, or be entitled to receive, financial consideration in connection with providing information about certain entity(s) covered on its website.