Oil Faces Fresh Gulf Shipping Attacks After U.S. Disables Blockade Runner, as OPEC Output Nears Pre-War Levels

Oil markets head into the new trading week with a fresh round of shipping incidents in and around the Strait of Hormuz to digest. Over the weekend of Nov. 7–8, 2026, U.S. forces disabled a cargo ship that tried to breach the naval blockade of Iran, and Iran’s Revolutionary Guards said several tankers caught fire after hitting mines. At the same time, survey data show Gulf producers have restored much of the output lost since the Iran war began in late February.

Where prices stand

Front-month Brent crude for January delivery settled at $98.32 a barrel on Friday, Nov. 6, up 3 cents on the day but down $15.11, or 13.32%, for the week, according to Dow Jones Market Data. That was the largest weekly percentage decline since the week ending April 24, 2020, and it snapped a six-week winning streak. Brent remains 16.92% below its 2026 settlement high of $118.35 reached on March 31 but is up 61.58% year to date.

U.S. disables a blockade runner

U.S. Central Command said its forces disabled the St. Kitts-flagged cargo vessel M/V Huda in the Gulf of Oman on Nov. 7 after its civilian crew ignored repeated warnings and tried several times to violate the blockade. A U.S. military aircraft fired precision munitions at the ship’s stern after the crew was directed to leave the targeted spaces. CENTCOM said the vessel had been trying to leave regional waters after visiting an Iranian port.

According to CENTCOM, enforcement since July has led U.S. forces to redirect 147 commercial vessels that complied and to disable five merchant ships that refused. The command said it has previously destroyed 10 other Iranian commercial oil tankers it described as part of a shadow network run by the Islamic Revolutionary Guard Corps.

Iran reports tankers hit mines

Late Saturday, the IRGC Navy said two oil tankers were burning after striking naval mines, one inside the Strait of Hormuz and one east of it, Anadolu Agency reported. The IRGC said the vessels had switched off navigation and positioning systems and tried to use an unauthorized route.

On Sunday, the IRGC said three ships were burning in the strait after trying to evade Iran’s blockade, and it has reported at least 12 ships catching fire since the start of the month, The National reported. The UAE National Guard rescued 22 people from a burning cargo ship in the Gulf of Oman. The UK Maritime Trade Operations center said it had confirmed eight attacks in the Strait of Hormuz and three in the Arabian Gulf over the past week; three of the affected vessels sank and five more required rescue. Few of Iran’s mine claims have been independently confirmed.

Traffic through the strait is running at about 20% of pre-war levels, according to Lloyd’s List Intelligence figures cited by The National. Yemen’s Houthi rebels on Sunday claimed responsibility for an attack on Saudi Aramco in which a building was damaged by falling shrapnel. The U.S. has also launched Task Force Iron Gate to target Iran’s trade over land borders and the Caspian Sea, and says the blockade has deprived Iran of more than $25 billion in oil export revenue.

Diplomacy continues

President Donald Trump said Friday the U.S. had carried out new limited strikes on an Iranian air defense system, which he described as “minor,” and he discussed Qatar’s mediation efforts with the country’s emir, ABC News (Australia) reported, citing AP and Reuters. The AP has reported that Iran is reviewing Qatari proposals addressing differences with the U.S. over Tehran’s nuclear program. Iranian Foreign Minister Abbas Araghchi said he held talks with 12 foreign ministers in 48 hours, and a third U.S. aircraft carrier, the USS Theodore Roosevelt, is expected in the region this week, The National reported.

OPEC supply recovers

On the supply side, a Bloomberg survey reported by Ajel News on Nov. 6 found OPEC crude output rose by 930,000 barrels a day in October to 22.8 million barrels a day, about 88% of February’s level. Saudi Arabia raised production by 970,000 barrels a day to 9.2 million as it moved more tankers through Hormuz and loaded more cargoes at its Red Sea ports; its exports averaged 7 million barrels a day, near pre-war levels. Iraq added 140,000 barrels a day to 4.15 million and Kuwait 130,000 to 2 million. Iran’s output fell 120,000 barrels a day to 1.9 million, the lowest in Bloomberg’s monthly data since 1989.

Saudi Aramco CEO Amin Nasser said the company aims to “maximize production in the fourth quarter.” OPEC and its allies are reviewing members’ production capacity ahead of a Nov. 29 ministerial meeting that is scheduled to set output targets for 2027.

Sources: U.S. Central Command, Nov. 7, 2026; Anadolu Agency, Nov. 8, 2026; The National, Nov. 8, 2026; ABC News (Australia), Nov. 8, 2026; Ajel News/Bloomberg survey, Nov. 6, 2026; Dow Jones Market Data via Morningstar, Nov. 6, 2026.