Ahead of new trading tomorrow, November 16, a summary of recent events:.
Brent closed trading on November 13 at $95.84 per barrel, WTI at $88.56. During the week, both benchmark indices lost 2.5%.
Iran continues to restrict shipping in the Strait of Hormuz. The Islamic Revolutionary Guard Corps said that two oil tankers hit sea mines and caught fire when they tried to pass through the strait without permission from Tehran. New reports on November 15 already include three tankers, but there is still no independent confirmation of these episodes. The US maintains a naval blockade on Iran's ports. Iran attacked an American base in Bahrain.
At the same time, the situation along another strategic route, the Bab al-Mandab strait, is deteriorating. Yemeni forces supported by Saudi Arabia reported retreating from the Dubaba area and the coast of the Straits towards Aden. According to Reuters, the positions controlling the approaches to the strait were taken by the Houthis. The Saudi coalition also announced the interception of the missiles fired at Riyadh. The Houthis have previously claimed attacks on Saudi Aramco facilities and oil pipeline infrastructure, but these reports have not been independently confirmed. Boating risks arise in several directions at the same time - in Hormuz and at the entrance to the Red Sea.
For Russia, oil refining remains a separate issue. Attacks on refineries pose a threat to the local fuel supply and the export of petroleum products. According to Bloomberg, citing Vortexa, in the first seven days of November, shipments of diesel and Russian oil from ports fell by 31% compared to the previous week, to about 337 thousand barrels per day. At the same time, fuel oil deliveries increased.
The price of Oral instead is no longer expressed in three-digit numbers.
The last available quotes of Ural in the spot market are from November 13, 2026:.
Baltic, FOB: $76.84/bbl.
Novorossiysk, FOB: $72.19 per barrel.
In the gas market, the main factor remains the combination between risks in the Middle East and Europe's limited safety margin.