Oil prices held steady in early Asian trade on Thursday, November 12, 2026, as tensions between the US and Iran showed no signs of easing. Brent crude traded at $92.46 a barrel, while the US West Texas Intermediate (WTI) for December delivery slipped 0.1% to $86.39 a barrel. The lack of progress in peace talks and Tehran's hardline stance on its nuclear stockpile kept traders cautious. Mohsen Rezaei, Secretary of Iran's Supreme National Security Council, told Lebanon's Al Mayadeen TV that Iran will not hand over 'a single atom' of enriched nuclear material, rejecting a key US condition for negotiations.
Rezaei also warned that any fresh US strikes on Iran would carry consequences, stating that Tehran and Washington were not currently negotiating. Despite the ongoing conflict, crude oil has lost ground this month, though Brent remains up more than 50% in 2026. Traders appear optimistic that the conflict will ease, and shipments from the Gulf are bolstering this sentiment. Saudi Arabia, the world's largest crude exporter, reported a 26% increase in output in October, according to a Bloomberg report.
Hopes of de-escalation also rest on Washington's shifting tone. US officials have played down the need for more military action against Iran, and President Donald Trump has sounded more conciliatory since Republicans lost the November 3 midterm elections. Trump signaled a desire to wind down military operations and pursue diplomacy, though economic pressure on Tehran will continue. Security concerns remain, as US Treasury Secretary Scott Bessent and other senior officials have moved into temporary military housing due to threats from Tehran.
The war, which the US and Israel launched in late February, has now entered its ninth month. The conflict and the resulting energy price spike contributed to Republicans losing control of Congress last week. Meanwhile, there are signs that the conflict in Europe could ease as Russian, Ukrainian, and US officials began a second day of talks in Abu Dhabi on Wednesday.