Oil Slides on Peace Hopes as Brent Trades Near $91.62 in Early Trading

By Kevin · 2026-11-12 · News

Nov. 12 (CandyPulse) — Oil is falling again. Brent crude slid to about $91.62 a barrel in early trading on Wednesday, down more than a dollar, as hopes for peace on two fronts, Iran and Ukraine, pushed prices lower.

Key takeaways

Brent fell $1.14 (1.2%) to $91.62 in early trading; WTI fell $1.04 (1.2%) to $85.49
Russia and Ukraine agreed to a major prisoner exchange in Abu Dhabi, though big issues remain unresolved
U.S. crude stocks rose by about 9 million barrels, according to industry (API) data
Brent is down about 21% since the start of November; WTI about 17%
Iran's security chief said enriched nuclear material won't leave the country: a reminder the risks haven't gone away

Prices at a glance

Benchmark	Early price	Move
Brent crude	$91.62	−$1.14 (−1.2%)
WTI crude	$85.49	−$1.04 (−1.2%)
Brent, month to date	—	About −21%
WTI, month to date	—	About −17%
U.S. crude stocks (API)	+9 million barrels	Bearish for prices

Early-trading figures as of 01:41 GMT, per Reuters. Prices move through the day.

What's pushing prices down

Two sets of peace talks. Russian and Ukrainian negotiators agreed to a large prisoner swap in Abu Dhabi. It's a goodwill step, though U.S. mediators say major differences remain, including over territory. Separately, traders are still betting on a diplomatic end to the U.S.-Iran conflict.

More oil in storage. Industry data showed U.S. crude inventories rising by about 9 million barrels in the latest week, a sign supply is comfortably ahead of demand.

Why it's not a one-way street

Iran's security chief said the country would not allow enriched nuclear material to leave and warned of consequences if the U.S. launched new strikes. Analysts also point to continuing uncertainty over the Strait of Hormuz. Markets have swung on every headline this month, so a setback in talks could send prices back up quickly.

We've tracked the slide all week: oil eased toward $98 on Iran talks on Monday, then fell further as Wall Street roared back.

Why it matters beyond the pump

Inflation: cheaper oil lowers costs across the economy, which eases pressure on prices.
Interest rates: softer inflation would take some heat off the Fed, where a December hike is widely expected (background).
Crypto: lower inflation fears usually help risk assets, but crypto is fighting its own battle right now, with stablecoin supply shrinking.

What's next

Watch the official U.S. inventory report (EIA), any progress in the Iran and Ukraine talks, and whether Brent holds above $90.

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Disclaimer: This article is for information only and is not financial advice. Market figures move quickly and different data providers can show slightly different numbers. Always do your own research before making any investment decision.