XLE & Oil

Crude Fluctuates as Iran Tensions Persist

Rigzone·Nov 13, 2026 · 2:49 PM CT
Read the original at Rigzone
Readthrough summary

Oil prices fluctuated as traders weighed mixed signals on U.S.-Iran diplomacy: Brent swung in a $2 range before settling little changed near $96 a barrel, and West Texas Intermediate closed near $88.50. President Trump said “we don't need a deal with Iran” and told Vice President JD Vance to focus on domestic issues, while Axios reported Israel's Mossad director was in Washington for talks about the war. Brent still posted a second weekly decline after a six-month high at the end of October, and the International Energy Agency said Friday the oil market will be in surplus this quarter for the first time since the war began.

Summary written by Readthrough from the original article. The full story, with photos and any updates, is at Rigzone.

Read the original at Rigzone

More XLE & Oil

ExxonMobil newsroom/IR·

ExxonMobil Advances Next Phase of Guyana Development with Longtail

ExxonMobil said it has taken a final investment decision on the Longtail development offshore Guyana after government and regulatory approvals, targeting startup in 2030. The eighth Stabroek block project will focus on non-associated gas and condensate, using an FPSO designed to process 1.2 billion standard cubic feet of gas a day and produce up to 250,000 barrels of condensate a day, with about 45 subsea wells and a planned $12.5 billion investment. Upstream president Dan Ammann called it the next phase in developing Guyana's resources; gas could later move ashore by pipeline, subject to future decisions and infrastructure.

Oil & Gas 360·

White House extends shipping waiver as fuel prices remain elevated

The Trump administration has extended its Jones Act waiver for another 90 days, so qualifying foreign-flagged ships can keep carrying crude oil, refined fuels and other goods between U.S. ports. The emergency measure began in March after the Iran conflict disrupted global petroleum trade, and it aims to ease shipping bottlenecks and high energy costs. The 1920 law normally requires cargo moving between U.S. ports to travel on U.S.-built, U.S.-owned and U.S.-crewed vessels.

EIA Today in Energy·

EIA forecasts Alaskan crude oil production to grow 13% in 2027

The U.S. Energy Information Administration's November Short-Term Energy Outlook forecasts Alaska crude production will rise by 23,000 barrels a day, or 6%, in 2026 and by 60,000 barrels a day, or 13%, in 2027, to 505,000 barrels a day — the most since 2014. EIA attributes the rebound after decades of decline to ConocoPhillips' Nuna project and the Santos-Repsol Pikka Phase 1 project on the North Slope; Pikka reached 38,000 barrels a day as of September 2026 and is expected to peak at 80,000 barrels a day by winter 2026-27. If realized, those annual increases would be the largest since the 1980s, when Alaska output peaked at 2.0 million barrels a day.

OilPrice.com·

Iran War Accelerates Southeast Asia’s Renewable Energy Push

Several Southeast Asian countries are speeding up renewable energy projects to cut their reliance on imported fossil fuels after the Middle East conflict sharply reduced fuel trade and raised fears of shortages. The International Energy Agency has pointed to Asia's large untapped renewable potential. An October IEA report warned that the region's energy security challenges are intensifying as demand and import dependence grow.