Oil Holds Near Two-Month Low as Iran Rejects Key U.S. Demand on Enriched Uranium

Crude Prices Stabilize Amid Muted Tensions

Oil prices remained largely unchanged on Nov. 12, hovering close to a two-month low as the conflict between Iran and the United States showed little sign of escalating. Despite the relative calm in hostilities, market participants noted the absence of any concrete progress in peace negotiations aimed at ending the broader Middle East war, leaving a persistent undercurrent of geopolitical risk in energy markets.

Brent crude was trading in the vicinity of $92 per barrel after posting a 1.4% gain on Wednesday. West Texas Intermediate (WTI) fared similarly, holding around $86. The modest Wednesday advance suggested traders were cautiously pricing in the possibility that the standoff would neither intensify sharply nor resolve in the near term, keeping the market in a narrow trading range.

Tehran's Hard Line on Enriched Material

A significant diplomatic obstacle resurfaced with remarks from Mohsen Rezaee, Secretary of the Supreme National Security Council. In an interview aired on the Al Mayadeen television network, Rezaee declared that Iran will not remove "a single atom" of its enriched nuclear material from the country's territory. The statement was pointed and unequivocal, leaving little ambiguity about Tehran's stance.

The issue of enriched uranium removal remains one of the central U.S. conditions for resuming meaningful negotiations. Washington has consistently tied its willingness to engage diplomatically to verifiable steps that would reduce Iran's nuclear capabilities, and Rezaee's categorical rejection effectively closes that door for the time being. The comment underscored the depth of the disagreement between the two sides and complicated any near-term prospect of a de-escalation framework.

Market Implications

The combination of a muted military posture and a stalled diplomatic track left oil traders with limited catalysts to move prices decisively. The two-month low in Brent reflected the market's assessment that supply disruptions were not imminent, yet the unresolved nuclear question and the broader regional conflict kept a risk premium embedded in prices. With no breakthrough in talks on the horizon and Tehran holding firm on its core red line, the energy sector faces a prolonged period of uncertainty that could keep crude volatile in the weeks ahead.