Brent crude estimated to fall 12% weekly... second day of rebound after ship incident

Brent crude is on track for a roughly 12% weekly decline and WTI for about 12.1%, even as both benchmarks rose for a second straight session on November 6 amid reports of shipping incidents near the Strait of Hormuz. Brent January futures traded at $99.86 a barrel and WTI at $91.62, up 1.6% and 1.22% respectively from the prior close. The weekly slump follows an 8% single-day drop on November 4 that left crude at two-month lows, driven by expectations of reduced conflict risk after the election, while the U.S. and Iran announced no breakthrough on key issues. The rebound matters because it shows traders balancing easing war-premium expectations against renewed Gulf shipping risk. Next, watch whether the Hormuz incidents escalate and whether Washington and Tehran move toward a deal, with the size of the weekly close likely to set the tone for near-term volatility.