{
  "id": 19520234,
  "title": "Brent Jumps Nearly 3% as Iran Denies Any Talks With Washington",
  "url": "https://urgent.news/2026/11/11/brent-jumps-nearly-3-as-iran-denies-any-talks-with-washington",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-11-11T16:30:00.000Z",
  "source": {
    "name": "OilPrice",
    "slug": "oilprice",
    "url": "https://oilprice.com/Latest-Energy-News/World-News/Brent-Jumps-3-to-94-as-Iran-Denies-Any-Talks-With-Washington.html"
  },
  "original_language": "en",
  "account": "Brent crude prices surged nearly 3% to $93.90 per barrel on Wednesday, with WTI climbing 2% to $87.98, as Iran firmly denied any negotiations with the United States. Analysts noted no end to the conflict in sight, as Saudi Arabia reported October oil output nearing pre-war levels. Since November began, Brent had fallen 21% and WTI 17% amid hopes of a winding down war. Iran's top security official, Mohsen Rezaei, dismissed recent reports of a meeting in Qatar as \"pure lies\" designed to drive down oil prices. Iranian President Masoud Pezeshkian blamed the U.S. for using threats in diplomacy, while UBS analyst Giovanni Staunovo cited dwindling expectations of an imminent de-escalation. WTI's price of around $90 was deemed an oddity, too low if tensions escalated and too high if a deal was reached. Bloomberg columnist Javier Blas described Brent at $90 as an anomaly, too low if the U.S. and Iran escalated hostilities and too high if a deal was signed. A deal would not swiftly restore Gulf oil flows, as clearing mines, insurance costs, and shipowners' risk tolerance would play roles. Over 37 vessels were attacked in October, the highest monthly figure since the war began, according to the Washington Institute for Near East Policy. Attackers caused over $200 billion in physical damage across Gulf countries, with losses projected to reach $790 billion by 2030, according to Allianz Trade. Traders also disregarded a 9-million-barrel rise in U.S. crude inventories for the week ending November 6. Diesel outpaced crude after a Ukrainian drone strike ignited a fire at Russia’s Ust-Luga export hub, disrupting around 30% of Russia’s refining capacity since late October. The U.S. retail gasoline price dipped by nearly 3.6 cents to $3.94 a gallon, its biggest one-day decline in 18 years, as pump costs followed a slide in wholesale prices.",
  "summary": "Brent crude rose nearly 3% on Wednesday to $93.90per barrel at 11:18 a.m. ET, more than doubling its 1.4% gain at 9:27 a.m., as Iran denied it is negotiating with Washington and analysts saw no near-term end to the war. WTI rose nearly 2% to $87.98, and heating oil, the U.S. diesel benchmark, jumped 4.1%. The gains came as Saudi Arabia reported October output near pre-war levels. Since the start…",
  "key_points": [
    "Brent crude prices jump 3%, reaching $93.90 per barrel",
    "Iran denies any talks with the U.S., calls recent reports 'pure lies'",
    "Saudi Arabia's October oil output nears pre-war levels"
  ],
  "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."
}