Crude oil is caught between hopes of a US-Iran pact and escalation risks. What's next?

In today's oil prices news, crude oil has entered a consolidation phase lately as markets await new US-Iran developments, according to investingLive. That said, he stressed that any decision to avoid further strikes would depend on Iran agreeing to a robust enough pact, while noting that the US is still ready to take military action if necessary.

Key points

• US Secretary of State Rubio stated negotiations with Iran have made little progress.
• US military strikes stay an option as Trump could consider limited strikes against Iranian nuclear facilities not broader attacks on energy infrastructure.
• A breakthrough in negotiations would trigger a sizeable selloff and take oil prices back to pre-war levels relatively swiftly.
• We get the latest US Jobless Claims figures on Thursday.

Oil prices: the details

US Secretary of State Rubio stated negotiations with Iran have made little progress, describing Tehran's demands as unacceptable, but stressed that Washington is still open to pursuing a diplomatic resolution. US military strikes stay an option as Trump could consider limited strikes against Iranian nuclear facilities not broader attacks on energy infrastructure. A breakthrough in negotiations would trigger a sizeable selloff and take oil prices back to pre-war levels relatively swiftly.

Though there's also a probability that it could be short-lived if Trump launches limited strikes just to save face before exiting the war, an escalation, on the other hand, could trigger another rally on an advancing risk premium. We get the latest US Jobless Claims figures on Thursday.

Why traders are watching oil prices

Oil prices affect inflation, company costs and the currencies of major producers and importers. Moves in crude often spill over into the Canadian dollar, Norwegian krone and energy stocks.

Supply decisions, inventory data and geopolitical risks can move crude quickly, and higher energy prices can complicate the job of central banks fighting inflation.

Market reaction and data

On the currency side, the latest ECB daily reference rates (2026-11-06) show EUR/USD 1.1165, GBP/USD 1.3385, AUD/USD 0.6871, NZD/USD 0.5544, USD/JPY 158.33, USD/CHF 0.8189, USD/CAD 1.4066, USD/CNY 6.6713. These are reference fixes, not live quotes.

What to watch next for oil prices

Watch for OPEC+ supply decisions, weekly inventory reports, demand signals from major economies and any geopolitical developments in producing regions.

Key scheduled releases on the economic calendar:

• USD Core CPI m/m on Tue Nov 10, 13:30 UTC, forecast 0.2%, previous 0.3%
• USD CPI m/m on Tue Nov 10, 13:30 UTC, forecast 0.3%, previous 0.6%
• GBP GDP m/m on Thu Nov 12, 07:00 UTC, forecast 0.0%, previous 0.1%
• USD Core PPI m/m on Fri Nov 13, 13:30 UTC, forecast 0.3%, previous 0.7%
• USD PPI m/m on Fri Nov 13, 13:30 UTC, forecast 0.4%, previous 1.3%

Follow every update in our Top 10 Forex News Today, read Inflation data: Market prospects for the week of 9th - 13th November or see all of today's top market news.

FAQ

What is the latest oil prices news?

Crude oil has entered a consolidation phase lately as markets await new US-Iran developments.

What drives oil prices?

Crude prices depend on supply from OPEC+ and other producers, global demand, inventory levels and geopolitical risk in key producing regions.

Where does this information come from?

This report is based on coverage from investingLive, checked against market data where available. It is a summary for information only and not investment advice.