Crude oil prices fell on Thursday, November 12, 2026, as hopes for peace talks between the US and Iran, as well as between Russia and Ukraine, weighed on market sentiment. Brent crude futures dropped by 1.11 percent to $91.72 a barrel, while US West Texas Intermediate (WTI) crude futures declined by 0.97 percent to $85.71 a barrel. The decline followed a previous session where Brent crude gained 1.4 percent and WTI rose by 0.6 percent, rebounding from two-month lows.
Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, noted that markets are reacting to expectations of behind-the-scenes efforts to secure a ceasefire between Russia and Ukraine. He also mentioned that the Iran war is unlikely to escalate ahead of the US-China summit next week. However, Kikukawa cautioned that uncertainty surrounding the Strait of Hormuz could prevent a significant market collapse.
On the supply front, OPEC+ crude production surged in October, driven by a substantial increase in output from Saudi Arabia despite ongoing shipping disruptions in the Strait of Hormuz. Additionally, US crude inventories rose by 9 million barrels in the past week, according to market sources citing data from the American Petroleum Institute.
Analysts remain divided on the outlook for crude oil prices. JPMorgan analysts predicted a glut, estimating a surplus of 1.1 million barrels per day in September, widening to 1.4 million bpd in October. In contrast, Goldman Sachs raised its oil price forecast, suggesting Brent crude could rise to $105 a barrel by December and WTI could hit $94, citing potential supply risks and geopolitical uncertainties.