# Oil Heads for a Second Weekly Loss as Trump Says No Iran Deal Is Needed and US Crude Stocks Rise

Brent traded near $95.41 early Friday and was down about 2.4% for the week despite a 3.3% jump on Thursday, which followed reports of attacks on Saudi Arabia.

- Published: 2026-11-13T05:14:08.766Z
- Canonical: https://polylog.news/2026-11-13/oil-heads-for-a-second-weekly-loss-as-trump-says-no-iran-dea
- Publisher: Polylog (Global desk)
- Section: markets
- Sources: [Investing.com Commodities](https://www.investing.com/news/commodities-news/oil-prices-set-for-second-weekly-decline-as-trump-to-stay-with-iran-blockade-5024008), [The Nation Thailand](https://www.nationthailand.com/news/world/40073442), [OilPrice](https://oilprice.com/Energy/Crude-Oil/Oil-Prices-Squeezed-Between-Peace-Hopes-and-Iran-Escalation-Risk.html), [Dawn](https://www.dawn.com/news/2044254/pakistan-calls-for-immediate-end-to-houthi-attacks-on-saudi-arabia-as-unsc-renews-yemen-sanctions)

Brent crude futures were nearly unchanged at about $95.41 a barrel in early Friday trading, and West Texas Intermediate (WTI) fell 0.25% to $88.52, according to Reuters reporting carried by [Investing.com](https://www.investing.com/news/commodities-news/oil-prices-set-for-second-weekly-decline-as-trump-to-stay-with-iran-blockade-5024008) and [Business Today](https://www.businesstoday.com.my/2026/11/13/oil-set-for-second-weekly-loss-as-us-maintains-blockade-on-iran/). Brent was headed for a 2.4% weekly loss after a 16% fall the week before. WTI was headed for a 2.5% loss after a 13% decline.

The weekly fall hides a sharp rise on Thursday. Brent [rose 3.3% on November 12](https://www.nationthailand.com/news/world/40073442) after claims of attacks on Saudi Arabia, The Nation Thailand reported. On the same day at the United Nations Security Council, Pakistan called for the ["immediate and unconditional" end of Houthi attacks on Saudi Arabia](https://www.dawn.com/news/2044254/pakistan-calls-for-immediate-end-to-houthi-attacks-on-saudi-arabia-as-unsc-renews-yemen-sanctions), and the council renewed sanctions related to Yemen, Dawn reported. Pakistan has a defense relationship with Riyadh, so its intervention reflects how close Islamabad stands to the Saudi side.

Two forces held prices down. President Trump said a deal with Iran was not needed to end the conflict and that the oil market was "priced to perfection." The US Energy Information Administration (EIA) reported that crude inventories rose 4.7 million barrels to 414.4 million in the week to November 6, while analysts had expected a draw of 1.1 million.

OilPrice.com counts Brent about [20% below its late-October peak of $118](https://oilprice.com/Energy/Crude-Oil/Oil-Prices-Squeezed-Between-Peace-Hopes-and-Iran-Escalation-Risk.html). It says traders have repeatedly bet on a settlement and then reversed when fighting resumed. The decline has helped importers. India's Economic Times credited [falling crude prices](https://m.economictimes.com/markets/stocks/news/india-equity-surge-brightens-outlook-for-exchanges-brokerages/articleshow/135786787.cms) with part of the recent rise in Indian trading activity.

## What this means

The market is pricing the blockade as a stable state rather than an escalation path. Inventories are rising, and Washington is signaling that it can live with the status quo, so each new attack on Saudi assets lifts prices for a day before they fall back. Producers whose budgets were built on prices above $100 lose. Importers such as India and refiners with margin exposure gain. The consensus may be too comfortable. Attacks on Saudi infrastructure are a supply risk separate from the Hormuz question, and Houthi capability does not depend on a US-Iran deal. A useful precedent is the September 2019 strike on the Abqaiq facility in Saudi Arabia. Prices spiked sharply, then retraced within weeks once Saudi output was restored, which taught traders to sell such spikes. The desk's read is that Brent will likely stay in a volatile range below its October peak for the next several weeks, as long as US inventories keep building and Saudi damage stays limited. This read is wrong if an attack causes a confirmed, lasting loss of Saudi output, or if the blockade is tightened to stop more Iranian barrels.

## What to watch

- Confirmation from Saudi Arabia of any damage to output or pipelines. Confirmed lost barrels, rather than claims, would turn one-day spikes into a lasting price change.
- Weekly US crude inventory reports. Continued builds would support the view that supply is ample despite the Gulf conflict.
- Any change in US blockade policy on Iran. Easing would add barrels, and tightening would remove them.