Brent Lost More Than 16% This Week. Hormuz Attacks Were Still Reported.

Crude finished Friday, Nov. 6, only slightly higher on the day and much lower on the week. CNBC reported that Brent settled at $98.32 a barrel, up 3 cents, while U.S. West Texas Intermediate settled at $90.83, up 31 cents. For the week, Brent fell more than 16% and U.S. crude lost nearly 13%.

That weekly drop is not a receipt at a U.S. station. The same report said Iran reported three more attacks on oil tankers in the Strait of Hormuz on Thursday, and that UK Maritime Trade Operations data indicated attacks were continuing at a near-record rate. CNBC also said, citing Reuters and an Iranian official, that Iran had sent a nuclear proposal to Washington through Qatar. That is a reported proposal, not a completed deal or a restored supply route.

Rapidan Energy’s Bob McNally told CNBC he sees an 80% chance fighting resumes and that both benchmarks could climb back above $100. That is his forecast, not a settled price.

Did this week’s oil slide cut the gasoline price you pay? No U.S. pump-price change was established here. Brent’s weekly drop happened while reported tanker attacks were still continuing.