oil

The Iranian Islamic Revolutionary Guard Corps Navy stated that on the evening of November 12 local time, two supertankers experienced an explosion while navigating the Strait of Hormuz. These tankers ignored previous warnings about the "southern route" being unsafe and were carrying a total of over 4 million barrels of crude oil, ultimately being forced to halt operations.

The OPEC monthly report shows that Saudi Arabia reported an average daily crude oil production of 10.563 million barrels in October, up from 8.372 million barrels in September, setting a new high during wartime.

According to informed sources, NVIDIA CEO Jensen Huang walked into the company's headquarters in Santa Clara, California on Monday and hosted the morning meeting with senior management as usual. The sources said that at the beginning of this closed-door meeting, Huang first expressed his apologies to employees regarding the recent turmoil. He did not take any questions but quickly shifted the topic to business and the main agenda for the day.On Tuesday, Huang also came to the office for meetings. There is only one week left until NVIDIA releases its new quarterly earnings report. Insiders at NVIDIA stated that Huang is trying to create an atmosphere of "business as usual," but the mood within the company is "low."

According to the Iranian Tasnim News Agency, the Iranian Islamic Revolutionary Guard Corps stated that two oil tankers caught fire in the Strait of Hormuz.

According to Gate market data, WTI and Brent crude oil fell by $1.5 in the short term, with Brent oil's decline expanding to 6.7%.

According to the Islamic Republic of Iran Broadcasting (IRIB), in the past 24 hours, 4 oil tankers have been intercepted and forced to stop navigation in the Strait of Hormuz.

According to The Block, when asked about the allegations of conflicts of interest involving himself and his family's businesses, including cryptocurrency operations, U.S. President Trump stated, "Every president has their own issues."When pointed out that no previous U.S. president has owned a cryptocurrency company, Trump responded that past presidents also held significant assets like oil and believed that cryptocurrency is essentially similar to traditional business assets. He also stated that just because he is president, he cannot require his sons to stop running their businesses during his four-year term.

Iraqi Foreign Minister Hussein stated that Iraq has reached an agreement with the United States to allow the export of oil through the Strait of Hormuz.Iraq has lost up to 60 billion dollars during the Iran war and the interruption of oil exports. In October, oil exports increased from 2.65 million barrels per day in September to approximately 3.5 million barrels per day.

The Iranian Islamic Revolutionary Guard Corps Navy stated that on November 8 local time, another oil tanker attempted to cross an unauthorized route through the Strait of Hormuz, resulting in an explosion and a severe fire. Since early that morning, three oil tankers have exploded and caught fire.

HSBC Holdings stated that attacks on tankers or infrastructure leading to a daily disruption of 2 to 3 million barrels of oil supply will return the market to a state of shortage and put upward pressure on oil prices.

International oil prices have retraced earlier gains as the market assesses news of the United States pushing for progress in Middle East negotiations. The Emir of Qatar discussed diplomatic efforts to ease regional tensions with Trump. Iran demands that the U.S. lift the maritime blockade, relax sanctions, and unfreeze assets before it will reopen the Strait of Hormuz. Tehran is reviewing mediation proposals for its nuclear program, indicating that Qatar's diplomatic efforts may be making progress.

The Public Relations Department of the Islamic Revolutionary Guard Corps Navy stated that two violating oil tankers were hit by mines and caught fire while attempting to navigate through unauthorized channels in the Strait of Hormuz. The Strait of Hormuz is now blocked, and the situation will not change until the "seven conditions" are implemented.

Bank of America Securities pointed out that if crude oil and refined oil prices rise further in the next three to six months, it may lead to a significant increase in interest rates. The U.S. two-year nominal interest rate swap has risen by 113 basis points year-to-date and has cumulatively increased by 196 basis points on days when oil prices rose. Bank of America believes that rising energy inflation may reduce the constraints on the Federal Reserve's interest rate hikes.

According to Gate market data, the settlement price of U.S. crude oil futures is $88.12 per barrel, down $7.97, a decrease of 8.29%.

The Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al Ghais, stated that since 2026, international energy transportation and insurance costs have risen significantly, now exceeding one-third of the value of crude oil itself. The rise in these costs is being transmitted along the oil and energy industry chain, increasing the economic burden on both oil-producing and consuming countries, and further exacerbating global inflationary pressures.

According to Gate market data, Brent crude oil plummeted 7.00% during the day, currently reported at $96.45 per barrel. WTI crude oil fell over 6% during the day, currently reported at $90.25 per barrel.

According to Gate market data, Brent crude oil fell sharply by 5% during the day, currently priced at $98.52 per barrel. WTI crude oil is down 4.6% now.