The market is closed for the weekend and reopens early on Monday, UAE time. Showing the last price with its time.
Brent–WTI spread: $7.49
Today’s summary:Oil markets are closed right now. The last prices were $98.32 a barrel for Brent (+0.03%) and $90.83 for WTI (+0.34%), as of 7 Nov 2026, 01:59 UAE time.
Source: Yahoo Finance — front-month futures for Brent (ICE, symbol BZ=F) and WTI (NYMEX, symbol CL=F), delayed by about 10 minutes.
Historical note about that session. It is not a live reading of the market right now.
This page is Brent crude. The note is about ICE Brent January 2027. The numbers belong to ICE Brent January 2027, not to Brent crude.
This note is from 6 Nov 2026, 00:57. It may not describe the latest move.
January Brent settled up more than 3 dollars
What moved ICE Brent January 2027 · New York futures settlement · – New York time (5 Nov 2026, 18:30 – 6 Nov 2026, 01:00 Dubai time). closed at 98.29, change +3.67 US dollars per barrel, +3.88%. ICE January 2027 Brent settlement. Not the live Brent quote, and not the December WTI settlement.
As printed: Reuters and DTN printed plus 3.67 dollars, or 3.88%, at 98.29. CNBC rounded the same close to 3.8%. CBS at 97.11 dollars, up 2.6%, was an earlier quote, not this settlement.
ICE Brent crude for January 2027 delivery settled at 98.29 dollars a barrel on 5 November 2026, up 3.67 dollars, or 3.88%. DTN named the January contract, and Reuters printed the same settlement. It is not the live Brent quote on this site, and it is not the December WTI settlement of 90.52 dollars. Reuters and CNBC said Brent tumbled more than 8% on Wednesday. DTN said it lost around 8%. Thursday's Reuters story tied the rebound to new tanker attacks and caution that Middle East flows were not back to normal.
What the articles said
Reuters framed Thursday's Brent rebound around new tanker attacks and a reassessment of the Iran conflict after the midterms.
Gelber and Associates, quoted by Reuters, said the bounce reflected caution about pricing a rapid return to normal oil flows.
Numbers the articles stated
DTN said ICE Brent for January delivery climbed 3.67 dollars, or 3.88%, to close at 98.29 dollars a barrel on 5 November 2026.
This is not a recommendation. It does not treat the tanker reports as the reason Brent settled higher. The figure is the January futures settlement, separate from WTI and from the live quote.
The first list is how we read the articles. The second list is numbers and events those articles stated, each with a link and a time. They are not the same, and this note does not say they made the price move.
A live quote elsewhere on Invvex is a separate figure. The move in this note is only the one written above.
Note time · An editor writes these notes and they are published with the site. They do not update on their own.
Historical note about that session. It is not a live reading of the market right now.
This page is WTI crude. The note is about NYMEX WTI December 2026. The numbers belong to NYMEX WTI December 2026, not to WTI crude.
This note is from 6 Nov 2026, 00:57. It may not describe the latest move.
December WTI settled up on Thursday
What moved NYMEX WTI December 2026 · New York futures settlement · – New York time (5 Nov 2026, 18:30 – 6 Nov 2026, 01:00 Dubai time). closed at 90.52, change +2.4 US dollars per barrel, +2.72%. NYMEX December 2026 WTI settlement. Not the live WTI quote on this site.
As printed: Reuters and DTN printed plus 2.40 dollars, or 2.72%, at 90.52. CNBC rounded the same settlement to 2.7%. A CBS line at 97.11 dollars, up 2.6%, was an earlier Brent quote, not this WTI settlement.
NYMEX WTI crude for December 2026 delivery settled at 90.52 dollars a barrel on 5 November 2026, up 2.40 dollars, or 2.72%. DTN named that contract, and Reuters printed the same settlement. It is not the live WTI quote on this site. Reuters and CNBC said both benchmarks tumbled more than 8% on Wednesday. DTN described Wednesday's WTI drop as 8%. Thursday's reports pointed to new tanker attacks and a fresh look at the Iran conflict after the midterms. Those are the drivers the articles described.
What the articles said
Reuters said Thursday's rebound reflected caution about treating Middle East oil flows as normal again, after new reports of tanker attacks.
Reuters and CNBC said Wednesday's settlements tumbled more than 8%. DTN said Wednesday's WTI fell 8% and that Brent lost around 8%.
Numbers the articles stated
DTN said NYMEX WTI crude for December delivery rose 2.40 dollars, or 2.72%, to settle at 90.52 dollars a barrel on 5 November 2026.
This is not a recommendation. It does not treat the tanker reports or the election as the reason the contract settled higher. The figure is the December futures settlement, not a spot or broker quote.
The first list is how we read the articles. The second list is numbers and events those articles stated, each with a link and a time. They are not the same, and this note does not say they made the price move.
A live quote elsewhere on Invvex is a separate figure. The move in this note is only the one written above.
Note time · An editor writes these notes and they are published with the site. They do not update on their own.
Intraday print. Not a settlement and not a finished weekly close.
Friday oil was still an intraday quote
Source: Reuters via Business Recorder · Published 7 November 2026 · Updated 7 November 2026, 04:51am, zone not named
Business Recorder published a Reuters story on 7 November 2026 about Friday's oil session. At 10:34 a.m. CDT, which the story also stamps as 1637 GMT, January Brent was down 45 cents, or 0.46%, at 97.84 dollars, and WTI was up 15 cents, or 0.17%, at 90.67. Those are intraday prints, not settlements and not a finished weekly close. The story said Brent was on track for a 17% weekly fall and WTI for a 13% fall. It points to hopes of a calmer Iran war after the US midterms, and to ship attacks that were still being reported. It does not describe a signed deal. A separate Reuters equity story said Brent settled at 98.32. That is a different print, and it is not used as this morning quote or as a weekly close.
Figures as printed
January Brent, Friday morning97.84-0.45 USD, -0.46%10:34 a.m. CDT (1637 GMT), as the story prints it
WTI, Friday morning90.67+0.15 USD, +0.17%10:34 a.m. CDT (1637 GMT), as the story prints it
Brent week, not a close17%on trackThe story says on track. Not a finished weekly close.
WTI week, not a close13%set forThe story says set for. Not a finished weekly close.
Wednesday, as this story puts it8%fellThe story's own Wednesday line, not the Friday morning quote.
Brent is the most widely used benchmark for pricing crude oil worldwide. It trades as futures on ICE Futures Europe and is based on North Sea crude. West Texas Intermediate (WTI) is the US benchmark, traded on NYMEX (part of CME Group) and delivered at Cushing, Oklahoma. A barrel is 42 US gallons, about 159 litres.
In the Gulf, cargoes sold to Asia are usually priced against the average of Dubai and Oman crude: Saudi Aramco sets its monthly official selling prices for Asia on that basis, and futures on ADNOC’s Murban crude trade on ICE Futures Abu Dhabi. Brent is still the price most investors watch for the direction of the market.
OPEC+, Saudi Arabia and the UAE
OPEC has 11 members, including Saudi Arabia, Kuwait and Iraq. The wider OPEC+ group adds producers from outside the organisation such as Russia, Kazakhstan, Oman and Bahrain. Its decisions on output quotas shape world supply, so traders follow its meetings and statements from Saudi Arabia, OPEC’s largest producer.
The UAE left OPEC and OPEC+ with effect from 1 May 2026 and now sets its own production levels; Qatar had left OPEC on 1 January 2019. As a result, an OPEC+ decision can affect each Gulf country differently.
How oil moves Gulf markets and currencies
Oil is a main source of government revenue in the Gulf. Higher prices usually support public spending, bank liquidity and the profits of energy and petrochemical companies such as Saudi Aramco on the Saudi Exchange (Tadawul), so indices like TASI, Boursa Kuwait, ADX and DFM react to the oil price. A long slide weighs on budgets and can slow projects.
The UAE dirham, Saudi riyal, Qatari riyal, Bahraini dinar and Omani rial do not move with oil because they are pegged to the US dollar, but oil prices affect central-bank foreign reserves and interbank interest rates. The Kuwaiti dinar is pegged to an undisclosed basket, so its rate can move slightly.
Oil also reacts to the weekly US crude inventory report, demand in China and India, the strength of the dollar and tension in producing regions and shipping lanes such as the Strait of Hormuz. Key release times are in our economic calendar, in UAE time.
When does oil trade?
Brent and WTI futures trade electronically almost around the clock from Monday to Friday, with a short daily break, and close at the weekend from Saturday morning to Monday morning, UAE time. While the market is closed we show the last price with its time. The price shown is the front-month contract, so it can jump when the contract rolls to the next month.
Frequently asked questions
Which is usually more expensive, Brent or WTI?
Brent trades above WTI most of the time. The spread changes with shipping costs, inventories and supply and demand in each region; the table above shows the current spread calculated from the two prices.
Is the UAE a member of OPEC?
No. The UAE left OPEC and OPEC+ with effect from 1 May 2026. Saudi Arabia and Kuwait remain OPEC members, and Oman and Bahrain take part in OPEC+ from outside the organisation.
Does the oil price affect the UAE dirham?
Not directly: the dirham has been pegged to the US dollar at 3.6725 for decades. Oil does affect the economy, liquidity and stock markets in the UAE and the Gulf.
Are these oil prices live?
They are futures prices from Yahoo Finance, delayed by about 10 minutes. Each price shows its time and status (live, delayed or market closed).
