Ice Brent crude futures rose in early Asian trading as the market assessed US assurances of no renewed hostilities with Iran and the impact on crude supply flows.
The Ice front-month January Brent contract was at $92.44/bl at 04:00 GMT, up by 95¢/bl from its settlement on 10 November when it ended $1.08/bl lower.
The Nymex front-month December crude contract was at $86.62/bl, higher by 58¢/bl from its settlement on 10 November when it ended 81¢/bl lower.
US president Donald Trump's administration has stepped up assurances that it has no plans to resume military hostilities with Iran a message that appeared to be at least partly aimed at staving off an attempt in Congress to impeach defence secretary Pete Hegseth.
"There's really no need for major combat operations any longer, because the blockade and the economic sanctions are doing devastation to" Iran's economy, secretary of state Marco Rubio told reporters in Paris on 10 November, where he was attending a G7 foreign ministerial.
Production by the alliance's 17 members with output targets increased by 2.63mn b/d on the month to 32.95mn b/d, according to Argus estimates. This was 450,000 b/d below the pre-war production in February, when Mideast Gulf producers raised output ahead of the outbreak of hostilities between the US, Israel and Iran.
Crude flow disruptions due to the US-Iran war in the Mideast Gulf have heightened energy security concerns, encouraging crude buyers to rebuild inventories and maintain higher stock levels for longer, according to crude tanker operator DHT Holdings.
The US light sweet benchmark is forecast be 80¢/bl higher in 2027 than previously thought after revising the outlook for global production lower, the US Energy Information Administration (EIA) said on 10 November.
WTI at Cushing, Oklahoma, is expected to average $80.54/bl across 2027, the agency said in its monthly Short-Term Energy Outlook (STEO), up from $79.74/bl in its October forecast.
Ice Brent crude futures rose in early Asian trading as the market assessed US assurances of no renewed hostilities with Iran and the impact on crude supply flows.
The Ice front-month January Brent contract was at $92.44/bl at 04:00 GMT, up by 95¢/bl from its settlement on 10 November when it ended $1.08/bl lower.
The Nymex front-month December crude contract was at $86.62/bl, higher by 58¢/bl from its settlement on 10 November when it ended 81¢/bl lower.
US president Donald Trump's administration has stepped up assurances that it has no plans to resume military hostilities with Iran a message that appeared to be at least partly aimed at staving off an attempt in Congress to impeach defence secretary Pete Hegseth.
"There's really no need for major combat operations any longer, because the blockade and the economic sanctions are doing devastation to" Iran's economy, secretary of state Marco Rubio told reporters in Paris on 10 November, where he was attending a G7 foreign ministerial.
Opec+ crude production in October surged to the highest since the start of the US-Iran war, driven by further increases from Saudi Arabia, Iraq and Kuwait.
Production by the alliance's 17 members with output targets increased by 2.63mn b/d on the month to 32.95mn b/d, according to Argus estimates. This was 450,000 b/d below the pre-war production in February, when Mideast Gulf producers raised output ahead of the outbreak of hostilities between the US, Israel and Iran.
Crude flow disruptions due to the US-Iran war in the Mideast Gulf have heightened energy security concerns, encouraging crude buyers to rebuild inventories and maintain higher stock levels for longer, according to crude tanker operator DHT Holdings.
The US light sweet benchmark is forecast be 80¢/bl higher in 2027 than previously thought after revising the outlook for global production lower, the US Energy Information Administration (EIA) said on 10 November.
WTI at Cushing, Oklahoma, is expected to average $80.54/bl across 2027, the agency said in its monthly Short-Term Energy Outlook (STEO), up from $79.74/bl in its October forecast.
By Rhalain Reyes