Oil prices rose on Tuesday (November 11), driven by the impact of the latest U.S. sanctions on Russian oil and optimism that the U.S. government shutdown may soon end, although concerns about oversupply limited the gains.
At the end of the November 11 trading session, Brent crude futures climbed $1.10, or 1.72%, to $65.16 a barrel. WTI crude futures gained 91 cents, or 1.51%, to $61.04 a barrel.
Investors continued to assess the fallout from U.S. sanctions on Russia and their effects on both the crude oil and refined fuel markets.
Lukoil declared force majeure at an oil field it operates in Iraq, sources told Reuters on November 10, marking the most significant impact yet from the sanctions imposed last month.
Export restrictions on fuel due to the sanctions are supporting oil prices amid a crude oversupply environment.
Middle Eastern oil producers — Saudi Arabia, Iraq, and Kuwait — are set to increase crude supply to India in December 2025 as Indian refineries seek alternatives to Russian crude.
The market also found support from expectations that the longest U.S. government shutdown in history may end this week after the Senate passed a compromise bill to restore federal funding.
Optimism surrounding the reopening of the U.S. government is boosting demand expectations.
Meanwhile, concerns about oversupply are capping oil price gains. Earlier this month, OPEC+ agreed to raise its December 2025 production target by 137,000 barrels per day but also decided to pause further production increases in the first quarter of 2026.
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