Brent Oil Fell About 12 Percent in a Week to Around 100 Dollars a Barrel, While RKE Awaits New Prices on Monday
The fall came after the US elections and hopes of a deal with Iran. Brent is about 21 percent below the April peak of 126 dollars.
London – Brent crude on Friday rose 1.68 percent to 99.94 dollars a barrel, but the week ends with a fall of about 12 percent. US WTI rose 1.33 percent to 91.72 dollars, with a weekly fall of about 12.1 percent. It is one of the biggest weekly falls on the oil market since 2020.
Most of the fall happened on Wednesday, when both benchmarks fell more than 8 percent after the US election results. Brent then closed at 94.62 dollars and WTI at 88.12, the lowest since August 31.
The market reads the results as a rebuke of the war with Iran and as an opportunity for a deal. President Donald Trump said he would decide, after consulting his national security advisers, whether to resume attacks on Iran or pursue an agreement. Prices partly recovered on Thursday and Friday because uncertainty continues.
The supply risks did not disappear. Shipping through the Strait of Hormuz is disrupted, and Tehran said on Thursday that three more ships had been hit. Since July there have also been Houthi attacks on Saudi tankers in the Bab al-Mandeb Strait, and Saudi Arabia from September 11 to 22 closed the East-West pipeline, the key bypass around Hormuz.
To understand the size of the fall, it helps to look behind it. The conflict began at the end of February, and Brent briefly topped 126 dollars at the end of April. By the editorial calculation, from that peak to 99.94 dollars the fall is about 21 percent.
What it means for North Macedonia. On November 2 RKE raised the maximum prices: BS-95 to 93 denars, BS-98 to 95 and euro diesel to 100 denars a litre, effective from November 3. The next decision, according to the usual rhythm, is expected on Monday, November 9. RKE follows the average world prices of the previous period, so this week’s fall may show in prices with a delay.
The government measures remain: a reduced VAT rate of 10 percent on diesel and reduced excise (2 denars on petrol and 4 denars on diesel). Whether they will be extended has not been announced.
What is not clear: what the agreement with Iran will look like and whether the market will keep the fall if the talks fail. That is why even a 12 percent fall does not guarantee lower prices at the pumps in the coming weeks.
MKNews Hub · Macedonia · November 7, 2026
