Oil Prices Today, 14 November 2025: Brent Holds Above $63 as Ukraine Strike Jolts Russian Supply

Oil prices are up about 1–2% today, 14 November 2025, with Brent above $63 and WTI near $60 after a Ukrainian drone strike on Russia’s Novorossiysk oil hub and looming sanctions on Russian crude, even as agencies warn of an oil glut in 2026.

Oil price snapshot for today (14 November 2025)

Oil is trading higher on Friday after fresh disruption risks to Russian exports, but gains are capped by mounting evidence of a looming supply glut next year.

Brent crude price today:
In late morning trading, international benchmark Brent crude is hovering around $63.7–$63.9 per barrel, up roughly 1–1.5% on the day. Reuters put Brent at about $63.67 at 09:00 GMT, while The National cited $63.88 around 09:35 local time. ^[1]
Data from Trading Economics shows Brent around $63.88 on 14 November, about 3% higher over the past month but still roughly 10% below its level a year ago. ^[2]
WTI crude price today:
U.S. benchmark West Texas Intermediate (WTI) is trading just under the $60 per barrel mark. Morning quotes show WTI around $59.4–$59.6, up around 1.2–1.5% versus Thursday. ^[3]
By the futures close, front‑month WTI contracts on Investing.com show a settlement near $60.00, a daily gain of about 2.2%, with an intraday range of roughly $58.7–$60.7. ^[4]
Day‑over‑day move:
Both contracts erased part of midweek losses. Brent and WTI had fallen about 3% on Wednesday after OPEC’s latest report signalled that global supply could match or slightly exceed demand by 2026, pressuring prices earlier in the week. ^[5]

In short: oil prices today, 14 November 2025, are higher but not surging—reflecting a tug‑of‑war between immediate supply risks and a more bearish medium‑term outlook.

Why are oil prices up today?

1. Ukraine drone strike on Novorossiysk adds a fresh risk premium

The main catalyst for today’s move is a Ukrainian drone attack on the Russian Black Sea port of Novorossiysk, one of Russia’s key oil export hubs.

Reuters reports that the overnight strike damaged an oil depot, a docked vessel and nearby apartment buildings, injuring crew members and prompting a temporary halt to oil exports from the port. ^[6]
In October, crude shipments from Novorossiysk reached about 3.22 million tonnes, equivalent to roughly 761,000 barrels per day, plus nearly 1.8 million tonnes of refined products, underlining how critical the port is for Russian and Kazakh crude flows. ^[7]
The National and regional outlets note that the attack targeted the Sheskharis terminal, a major Transneft‑operated transshipment complex at the port. ^[8]

Analysts quoted by Reuters warn that the increasing frequency of such strikes raises the risk that one of them eventually causes more lasting damage to export infrastructure, a possibility that traders are now pricing in via a modest risk premium. ^[9]

As a result, multiple outlets—including regional business media and Ukrainian agency UNN—report intraday price jumps of around 2% earlier in Asian and European trading before prices settled back to the current 1–2% gains. ^[10]

2. Looming U.S. sanctions on Russian oil tighten the outlook

Beyond the drone attack, upcoming U.S. sanctions on Russian energy companies are also supporting prices:

The U.S. has announced new restrictions targeting Russian oil majors Rosneft and Lukoil, due to come into force around 21 November 2025. Reuters and other outlets note that these measures could be some of the most disruptive sanctions yet for Russia’s export machinery. ^[11]
FX and commodities analysts estimate that nearly one‑third of Russia’s seaborne oil exports could face delays or become “stranded” in floating storage as tankers are rerouted and discharging slows, with some Asian buyers temporarily stepping back from Russian cargoes. ^[12]
Reports also suggest staff cuts at Lukoil’s trading operations, signalling that the company is bracing for a major shift in how it sells crude into global markets. ^[13]

An earlier Reuters estimate indicated that about 1.4 million barrels per day of Russian oil has already been held in floating storage, as sanctions and compliance checks lengthen voyage and unloading times. ^[14]

Together with the Novorossiysk attack, these sanctions have made traders much more sensitive to any news around Russian supply, helping nudge Brent back above $63 and WTI close to $60 today.

Why the rally is limited: the “oil glut” narrative

Despite today’s bounce, the broader story in oil markets is increasingly bearish.

3. IEA sees a large 2026 surplus and swelling stocks

On Thursday, the International Energy Agency (IEA) published its November 2025 Oil Market Report and a companion analysis that grabbed traders’ attention: ^[15]

The IEA now expects the global oil market to run a surplus of about 4.09 million barrels per day in 2026, roughly 4% of projected world demand—a bigger glut than it forecast just a month ago.
Global supply is seen growing around 3.1 million bpd in 2025 and 2.5 million bpd the following year, driven by both OPEC+ and non‑OPEC producers such as the U.S. and Brazil.
Demand growth has been revised slightly higher but is still “modest by historical standards,” with global consumption expected to rise by around 770,000 bpd next year—nowhere near enough to absorb the expected supply wave.

The IEA also flags that global oil inventories have climbed to their highest level since mid‑2021, partly due to a sharp increase in waterborne storage, where barrels sit on tankers rather than being promptly consumed. ^[16]

This backdrop explains why, even with war‑related supply risks, oil prices remain relatively subdued in the low‑$60s rather than surging toward $80 or higher.

4. OPEC+ is cautiously easing voluntary cuts

At the same time, OPEC+ policy is shifting only very gradually:

In a 2 November statement, eight key OPEC+ members—Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman—agreed to return 137,000 bpd of their previous voluntary cuts in December 2025, a minor easing from the additional 1.65 million bpd reductions announced back in 2023. ^[17]
They also decided to pause any further increases in January–March 2026, stressing that they can quickly reverse or reinstate cuts depending on how the market evolves. ^[18]

This “micro‑adjustment” signals that producers are wary of flooding the market in the face of IEA and World Bank warnings about oversupply, but are still keen to gradually reclaim market share as long as prices remain above their comfort floor.

5. World Bank and EIA both expect weaker prices in 2026

The World Bank and the U.S. Energy Information Administration (EIA) are also reinforcing the idea that today’s prices may not last:

A recent Geopolitical Futures analysis, citing World Bank projections, says the Bank expects Brent crude to fall to its lowest level in five years in 2026, as rising output outpaces tepid demand, especially with slower growth and softer energy use in China. ^[19]
The EIA’s latest Short‑Term Energy Outlook, highlighted in RTT News coverage, forecasts that crude prices will drift lower through the end of 2025 and average around $55 per barrel in 2026, driven by a projected rise in global crude inventories from about 2.93 billion barrels in Q4 2025 to around 3.18 billion barrels by late 2026. ^[20]

So while the headline today is “oil up on Russian supply fears,” the underlying storyline for 2026 is still one of ample supply and softer prices.

U.S. stockpile data: big crude build, modest product draws

Fresh weekly data from the U.S. Energy Information Administration also shapes today’s sentiment.

According to a summary from SunSirs based on the EIA report for the week ending 7 November: ^[21]

U.S. commercial crude inventories rose by 6.4 million barrels to about 427.6 million barrels, far above market expectations for a roughly 2 million‑barrel build.
Gasoline stocks fell by about 945,000 barrels, and distillate inventories (diesel and heating oil) fell by around 637,000 barrels—both smaller draws than analysts had forecast.
U.S. crude production climbed to about 13.86 million barrels per day, near record highs, while refinery runs and utilisation also increased.

For traders, this mix—big crude build, modest draws on refined products and record‑high U.S. output—reinforces the idea that supply is plentiful, even as short‑term disruptions in Russia pull prices higher today.

Reuters also notes that this surprise stock build was one of the factors limiting the upside after the Novorossiysk attack, with both Brent and WTI paring back early 2%-plus gains to nearer 1–1.5% by mid‑session. ^[22]

Impact on consumers and the real economy

6. Pump prices: small but noticeable increases

Although crude prices are still well below some of the spikes seen in recent years, motorists are starting to feel a bit of pressure again:

U.S. gasoline data compiled by Advisor Perspectives shows the steepest weekly rise in pump prices in about four months in early November, with the average price of regular gasoline up around 4 cents per gallon as of 10 November. ^[23]

Because gasoline prices typically lag crude moves, today’s rally—if sustained—could mean slightly higher pump prices in the coming weeks, although the expected 2026 oil glut may cap how far they can rise.

7. Inflation and central banks

For central banks that have spent the last two years wrestling inflation lower, stable or gently rising oil prices in the low‑$60s are a mixed blessing:

They do not yet suggest a new inflation shock, especially compared with triple‑digit crude seen in past crises.
But they do slow the pace of disinflation, particularly in countries where energy taxes and regulated tariffs amplify small moves in crude.

If markets start to believe the IEA/World Bank view of a cheaper‑oil 2026, policymakers may be more relaxed about today’s modest uptick.

What traders and businesses are watching next

Looking beyond today’s move, several events and indicators will likely drive oil prices in the coming days and weeks:

Further attacks or disruptions in the Black Sea
Any additional Ukrainian strikes on Novorossiysk or other Russian energy assets could extend or deepen export disruptions, adding to the risk premium in Brent.
Implementation of U.S. sanctions on Rosneft and Lukoil (around 21 November)
Markets will watch whether sanctions truly curb Russian exports or whether new intermediaries and shadow fleets step in to keep barrels flowing, as has often happened with earlier restrictions. ^[24]
The 30 November OPEC+ meeting
OPEC+ ministers are due to review market conditions again at the end of the month. The group has already signalled it may pause or reverse recent output increases if prices slide toward levels producers see as too low. ^[25]
Economic data from China, Europe and the U.S.
Today’s oil rally faded slightly after weaker‑than‑expected Chinese industrial data, a reminder that demand remains fragile. ^[26]
Inventory trends into winter
If the EIA’s large U.S. crude builds continue—especially alongside rising global waterborne stocks—bears will likely regain control, even if geopolitical risk stays elevated. ^[27]

FAQ: Oil prices today, 14 November 2025

1. Why are oil prices rising today?
Because of heightened risks to Russian supply—notably a Ukrainian drone strike on the Novorossiysk oil terminal and looming U.S. sanctions on Rosneft and Lukoil—which temporarily overshadow concerns about oversupply and soft demand. ^[28]

2. What is the Brent crude price today (14 November 2025)?
Brent is trading in the low‑$60s, roughly $63.7–$63.9 per barrel, up about 1–1.5% versus Thursday’s close, according to multiple intraday quotes and Trading Economics data. ^[29]

3. What is the WTI oil price today?
U.S. WTI futures are trading just below $60 per barrel, after briefly moving above that mark; end‑of‑session futures data show a settlement around $60.00, roughly 2.2% higher on the day. ^[30]

4. Are oil prices expected to keep rising?
In the very short term, prices will hinge on geopolitics and sanction enforcement, so more disruptions could push them higher. But major forecasters—including the IEA, World Bank and EIA—expect a sizeable surplus in 2026, rising inventories and average prices closer to the mid‑$50s if those projections hold. That means today’s levels already bake in a modest risk premium. ^[31]

(Nothing here is investment advice—just a summary of published forecasts.)

5. What does today’s oil price mean for gasoline and diesel?
Pump prices typically move with a time lag of a few weeks. With crude now in the low‑$60s and having ticked higher in November, consumers in many countries are likely to see slightly higher gasoline and diesel prices, though the expected 2026 glut should limit the upside unless a major new disruption appears. ^[32]

Brent crude oil soars past $100 a barrel following Russian attack on Ukraine