Why Oil Prices Fell 13% in a Week: The Iran Deal Bet, the OPEC+ Hold, and What Comes Next
Did oil just crash? Not quite — but it just had its worst week in years. Brent crude fell about 13% in a single week, from $113.43 to $98.32 a barrel, on bets that a U.S.-Iran deal could reopen the Strait of Hormuz. The drop is real, and so is the reason to be careful with it. No deal has been signed, tankers are still being attacked, and the oil actually loading onto ships today costs about $14 a barrel more than the futures price suggests. This briefing covers what moved, what didn't, and the three dates that decide what happens next. All figures are as of November 6–7, 2026. The week in numbers Both benchmarks gave back most of October's gains in five sessions — but neither is back to where the year started. Benchmark A week ago Latest Change Brent crude (January futures) $113.43 $98.32 −13.3% WTI crude (December futures) $104.12 $90.83 −12.7% U.S. regular gasoline (AAA) $4.18 $4.04 −14.7¢ U.S. diesel (AAA) $6.31 $6.21 −10.3¢ Brent an...