Oil Prices Rebound On Renewed Shipping Concerns
2026-11-11 00:15 Shafaq News Oil prices rose on Wednesday from the previous session's two-month lows, as the market swung between hopes for a de-escalation in the US-Israeli war on Iran and concerns about attacks on shipping in the Strait of Hormuz.
Also on Wednesday, a regional governor said a drone attack caused a fire in the port area of Ust-Luga by the Baltic Sea in northwest Russia, injuring three workers.
Brent futures climbed $1.04, or 1.1%, to $92.53 a barrel at 0420 GMT. US West Texas Intermediate crude rose 67 cents, or 0.8%, to $86.71.
Recent data showed little sign of fewer attacks in November, after 37 ships were attacked in October, the highest monthly total since the start of the Middle East war, according to data from the Washington Institute for Near East Policy.
"There has been an increase of vessel attacks in the Gulf shipping lanes amidst uncertainty of the diplomacy talks," said June Goh, senior analyst at Sparta Commodities.
"With the US midterms well over and more crude flows out of the Middle East, there seems to be more bearish tones to the oil price."
She added that the top driver for oil is the extent to which Iran will come to the table with US demands to reach a diplomatic agreement.
A tanker was struck northeast of Lima in Oman, the United Kingdom Maritime Trade Operations agency said on Tuesday. Iran's Revolutionary Guards Navy said in a separate statement on Tuesday that two tankers caught fire after hitting naval mines on the "unauthorized route" in the strait.
"Even in the event a deal is struck, an increase in flows through the waterway would still depend on mine clearance, insurance costs and whether or not shipowners would even be willing to take the risk," LSEG Oil Research said in a November 10 note.
In the previous session, oil prices initially fell by more than $3 a barrel after US officials downplayed the need for further military strikes against Iran, though some of the losses were clawed back after an Iranian security official said no talks were taking place between the two sides.
Meanwhile, US crude oil stocks rose in the latest completed week, market sources said, citing data from the American Petroleum Institute. Crude stocks rose by 9 million barrels for the week that ended on November 6, the sources said.
In Russia, oil refining capacity has been reduced by about 30% since late October following renewed Ukrainian drone attacks, industry sources said.
Russian and Ukrainian officials met in Abu Dhabi on Tuesday for their first peace talks since February as US President Donald Trump's envoys launched a fresh push to end the war.
(Reuters)
https://www.shafaq.com/en/Economy/Oil-prices-rebound-on-renewed-shipping-concerns
Basrah Crudes Drop 11% Despite Global Oil Gains
2026-11-11 01:19 Shafaq News- Basrah Iraq’s Basrah crude prices fell by around 11% on Wednesday, despite gains in benchmark crude futures.
Basrah Heavy crude slid $5.97, or 11.57%, to $45.64 per barrel, while Basrah Medium crude dropped 10.74% to $49.64 per barrel.
Brent crude futures rose $1.04, or 1.1%, to $92.53 per barrel. US West Texas Intermediate (WTI) crude gained 67 cents, or 0.8%, to $86.71 per barrel.
The OPEC reference basket stood at $91.99, down 1.31%, or $ 1.22 per barrel.
https://www.shafaq.com/en/Economy/Basrah-crudes-drop-11-despite-global-oil-gains
Gold Prices Fall In Baghdad And Erbil
2026-11-11 03:56 Shafaq News- Baghdad/ Erbil On Wednesday, gold prices hovered around 965,000 IQD per mithqal in Baghdad and Erbil markets, according to a Shafaq News market survey.
At Baghdad's Al-Nahr Street wholesale market, 21-carat Gulf, Turkish and European gold sold for 960,000 IQD per mithqal (equivalent to five grams) and was bought at 956,000 IQD, down from Tuesday's 975,000 IQD.
Iraqi 21-carat gold sold for 930,000 IQD per mithqal and was bought at 926,000 IQD.
At jewelry stores, 21-carat Gulf gold sold for between 960,000 and 970,000 IQD per mithqal, while Iraqi gold sold for between 930,000 and 940,000 IQD.
In Erbil, prices also fell. 22-carat gold sold for about 1.022 million IQD per mithqal, 21-carat for 976,000 IQD and 18-carat for 836,000 IQD. https://www.shafaq.com/en/Economy/Gold-prices-fall-in-Baghdad-and-Erbil-2-1
USD/IQD Steady In Baghdad And Erbil Markets
2026-11-11 03:06 Shafaq News- Baghdad /Erbil The US dollar opened Wednesday's trading steady in Baghdad and Erbil, hovering around 169,000 dinars per 100 dollars.
According to a Shafaq News market survey, the Al-Kifah and Al-Harithiya exchanges in Baghdad recorded 168,900 dinars per 100 dollars, unchanged from Tuesday's rate.
Exchange shops in Baghdad sold the dollar at 169,500 dinars and bought it at 168,500 dinars per 100 dollars.
In Erbil, the selling price was 169,000 dinars, and the buying price was 168,900 dinars per 100 dollars.
https://www.shafaq.com/en/Economy/USD-IQD-steady-in-Baghdad-and-Erbil-markets
Gold Bounces Back Under Fed Rate Pressure
2026-11-11 02:54 Shafaq News Gold prices ticked up on Wednesday after a nearly 3% slide in the previous session, but gains were limited as stronger-than-expected US inflation data cemented expectations of a Federal Reserve interest rate hike next month, weighing on bullion.
Spot gold rose 0.6% to $4,057.33 per ounce at 0637 GMT after falling nearly 3% to $4,017.21 on Tuesday. US gold futures for December delivery gained 0.9% to $4,065.40.
"We're seeing a technical retracement against Tuesday's heavy losses, as bears book profits and wait for the next catalyst. Hot CPI and hawkish Fed comments have revived tightening expectations," said Matt Simpson, a senior market analyst at StoneX.
The odds of a half-percentage-point Fed rate hike next month surged on Tuesday after data showed US inflation accelerated more than expected in October and policymakers signalled a willingness to tighten policy more aggressively.
Traders now see a 100% probability of a rate increase in December, up from 84% prior to the data, according to the CME's FedWatch tool.
Although gold is typically seen as an inflation hedge, higher interest rates increase the opportunity cost of holding non-yielding bullion, reducing its appeal to investors.
"If we see positive developments in the Middle East that would be supportive for gold from an inflation standpoint. But overall, the near-term macro setup for gold does not seem positive," said Soni Kumari, an analyst at ANZ.
Meanwhile, Fed Vice Chair for Supervision Michelle Bowman joined a growing number of policymakers on Tuesday in stressing that bringing down inflation remains the central bank's top priority.
Philadelphia Fed President Anna Paulson said the central bank has more rate increases ahead as it moves to lower elevated levels of inflation.
Among other metals, spot silver climbed 2.9% to $53.01 per ounce, and palladium gained 2.5% to $1,050.05. (Reuters)
https://www.shafaq.com/en/Economy/Gold-bounces-back-under-Fed-rate-pressure