{
  "id": 17597161,
  "title": "Crude Oil Prices Face Volatile Week Amid US-Iran Tensions, Brent Near $118 As Hormuz Supply Risks Persist",
  "url": "https://urgent.news/2026/11/01/crude-oil-prices-face-volatile-week-amid-us-iran-tensions-brent-near",
  "topic": "culture",
  "section": "Culture",
  "published": "2026-11-01T11:22:18.000Z",
  "source": {
    "name": "Free Press Journal",
    "slug": "free-press-journal",
    "url": "https://www.freepressjournal.in/business/crude-oil-prices-face-volatile-week-amid-us-iran-tensions-brent-near-118-as-hormuz-supply-risks-persist"
  },
  "original_language": "en",
  "account": "Crude oil prices appeared poised for a volatile week, driven by heightened uncertainty stemming from US-Iranian negotiations and potential disruptions along the Strait of Hormuz, warned analysts. Market observers flagged the importance of monitoring political developments, US midterm elections, and weekly API inventory data for further cues. Crude oil futures for November delivery on the Multi Commodity Exchange (MCX) rose 1.4 percent last week, closing at Rs 9,937 per barrel. Choice Broking noted MCX crude futures had achieved their fourth consecutive weekly increase amid surging geopolitical tensions. Brent crude futures for December delivery surged close to 1 percent, settling at USD 117.64 per barrel after peaking at USD 118. West Texas Intermediate (WTI) futures climbed 1 percent to USD 104.12 per barrel. Iran signaled progress in peace talks with the US after receiving a letter from Vice President JD Vance. However, President Trump maintained an open-ended approach toward finalizing an accord. Iranian Foreign Minister Abbas Araghchi also commented on the possibility of reopening the Strait of Hormuz as part of the ongoing negotiations. The Indian rupee experienced a decline of seven paise, reaching 95.22 against the US dollar, as high crude oil prices and Foreign Institutional Investor (FII) outflows pressured the local currency. Shipping risks continued to linger, with Choice Broking citing threats to vessels navigating the Strait of Hormuz and conflicts between Saudi Arabia and Houthi forces. Meanwhile, QatarEnergy reported an incident where one of its liquefied natural gas (LNG) tankers was attacked by unidentified objects in the Arabian Gulf. OPEC+ reportedly agreed on a principle to maintain December production levels unchanged. Researcher Ajit Mishra from Religare Broking suggested that geopolitical risks continued to outpace traditional demand factors, predicting a volatile and upward trajectory for crude prices. Mishra identified USD 120 per barrel as Brent's key resistance level, while the $110–112 range was deemed crucial support. Experts agree that a diplomatic breakthrough between Washington and Tehran could lead to sharp profit-taking in crude oil. Nevertheless, persistent supply concerns, inflation risks, and uncertainties surrounding US monetary policy may maintain support levels in the near future.",
  "summary": "New Delhi: Crude oil prices are expected to remain volatile with an upward bias this week as uncertainty surrounding US-Iran negotiations and potential supply disruptions through the Strait of Hormuz continue to influence global energy markets, analysts said. Investors will closely monitor diplomatic developments, US midterm election results and weekly American Petroleum Institute (API) inventory…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}