Oil prices rose on Tuesday, with analysts saying that uncertainty would keep prices elevated, even as there were no concrete signs of any production losses stemming from the Iran-Israel conflict.
Brent crude futures climbed 82 cents, or 1.1%, to $74.05 a barrel as of 0840 GMT. U.S. West Texas Intermediate crude was up 77 cents, or 1.1%, at $72.54.
Both contracts rose more than 2% earlier in the trading session but also notched declines before bouncing back in volatile trading.
Iran is the third-largest producer among members of the Organization of the Petroleum Exporting Countries and there is widespread concern the fighting could affect exports from there. Additionally, investors are watching for signs shipments through the Straits of Hormuz, through which flows about 19 million barrels per day of oil and oil products, may be impacted.
"The market is largely worried about disruption through Hormuz but the risk of that is very low, said Saxo Bank analyst Ole Hansen.
There is no appetite around closing it since Iran would lose revenue and the U.S. wants lower oil prices and wants to lower inflation, he added.
There have been no signs of supply losses but ships moving in the vicinity of the Strait and the Gulf have been affected by electronic warfare measures that have interfered with navigation systems.
Early on Tuesday, shipping sources said a vessel collided with two other ships sailing near the Strait of Hormuz, highlighting the risks to companies moving oil and fuel supplies in the region.
Despite the potential for disruptions, there are signs oil supplies remain ample amid expectations for lower demand.
In its monthly oil report released on Tuesday, the International Energy Agency revised lower its world oil demand estimate by 20,000 bpd from last month's forecast, while increasing the supply estimate by 200,000 bpd from last month's estimate to 1.8 million bpd.
Investors are also focusing on central banks' interest rate decisions, Tamas Varga, analyst at PVM Associates said in a note, with the U.S. Federal Open Market Committee, which guides the Federal Reserves rate movements, set to meet later on Tuesday.
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European leaders gathered in Dublin on Thursday, 12 November, for the ninth European Political Community (EPC) summit, with security, defence and energy high on the agenda. Azerbaijani President Ilham Aliyev held talks focused on peace, trade and regional cooperation.
Here's your AnewZ Daily Brief for 11 November. Today, we cover Russia-Ukraine peace talks, political tensions in Washington, strikes in Spain, espionage allegations involving Nvidia's CEO, and climate negotiations at COP31 in Türkiye.
Iran will not let a single particle of its enriched nuclear material leave the country, and any new U.S. attack would be met with strikes on distant American bases, Iranian security chief Mohsen Rezaei has said.
Four million workers across Spain joined a general strike on Wednesday over the country’s deepening housing crisis, unions said, bringing disruption to factories, ports, shops and public transport just weeks before a snap general election.
Azerbaijan's non-oil and gas exports, excluding non-monetary gold, rose 20.8 per cent year-on-year to $3.6 billion in the first 10 months of 2026, according to preliminary figures released by the Center for Analysis of Economic Reforms and Communication (CAERC) on Thursday.
Nvidia's board is scheduled to meet to decide whether to remove CEO Jensen Huang following reports of extramarital affairs, including one involving a woman suspected of links to Chinese intelligence, as U.S. lawmakers intensify scrutiny of the chipmaker's exports to China.
Calls for Nvidia CEO Jensen Huang to resign are growing amid national security concerns, raising questions about the future of the AI chip giant. With billions in quarterly revenue, no announced successor and investors already reacting to the controversy, what happens if its co-founder steps down?
Azerbaijan is seeking international investment to develop more than four gigawatts (GW) of offshore wind power in the Caspian Sea, as part of plans to expand renewable energy and establish electricity export routes to Türkiye and Europe.
The FBI is investigating Nvidia CEO Jensen Huang's relationship with a Chinese businesswoman suspected of passing information to Beijing, U.S. President Donald Trump said on Monday, 9 November.
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