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Brent crude prices hovered near $96 per barrel on Friday after rising in the previous session, as President Donald Trump stated that the US no longer needs a deal with Iran, dampening hopes for a diplomatic resolution to the war. Trump also directed Vice President JD Vance to prioritize domestic matters over negotiations with Tehran. Meanwhile, Iran maintained its position that Washington must lift its naval blockade and sanctions against the country before any direct peace talks can take place. Mohsen Rezaee, secretary of Iran's Supreme National Security Council, further emphasized that Tehran has no intention of removing its enriched nuclear materials from the country. Despite these developments, oil prices remain on track for a second consecutive weekly decline as Middle Eastern crude exports continue to recover. Hopes for a faster resolution to the conflict have also been supported by a Democratic victory in the US midterm elections.

Brent Holds Advance as Trump Downplays Iran Deal

Crude oil prices hovered near $89 per barrel on Friday after rising in the previous session, as President Donald Trump stated that the US no longer needs a deal with Iran, dampening hopes for a diplomatic resolution to the war. Trump also directed Vice President JD Vance to prioritize domestic matters over negotiations with Tehran. Meanwhile, Iran maintained its position that Washington must lift its naval blockade and sanctions against the country before any direct peace talks can take place. Mohsen Rezaee, secretary of Iran's Supreme National Security Council, further emphasized that Tehran has no intention of removing its enriched nuclear materials from the country. Despite these developments, oil prices remain on track for a second consecutive weekly decline as Middle Eastern crude exports continue to recover. Hopes for a faster resolution to the conflict have also been supported by a Democratic victory in the US midterm elections.

Oil Holds Advance as Trump Downplays Iran Deal

Venezuela’s economy expanded by 7.42% year-on-year in the third quarter of 2026, accelerating from a 7.14% growth in the previous period. This marked the 22nd consecutive quarter of economic expansion and the strongest in a year. Growth was primarily driven by non-oil activity, which increased 6.28%. Construction remained the strongest-performing sector, surging 35.75%, supported by investment to repair infrastructure damaged by the twin earthquakes at the end of the second quarter. Financial and insurance activities rose 29.29%, while agriculture expanded 7.13%, accommodation and food services (tourism) grew 8.95%, and manufacturing advanced 4.32%. The private sector as a whole recorded solid growth of 8.02%. Meanwhile, gross fixed capital formation increased 28.25%, pointing to stronger investment and confidence in the domestic productive sector.

Venezuela Economic Growth Accelerates in Q3

Peru’s Central Reserve Bank (BCRP) raised its benchmark interest rate by 25 bps to 4.50% in November 2026, its first hike in nearly four years. The move reflected supply shocks, higher inflation expectations and strong domestic demand. Annual inflation accelerated to 5.3% in October from 4.5% in September, mainly due to higher food and energy prices. Inflation excluding food and energy rose to 4.6% from 4.5%, while the measure excluding food, energy and transportation stood at 2.0%, within the 1%-3% target range. Twelve-month inflation expectations remained at 3.1%, above the target ceiling. The BCRP expects inflation to return to target and converge toward 2% as supply shocks fade, but warned that El Niño and Middle East tensions could prolong price pressures. Activity indicators remained robust in October, while business expectations slowed but stayed optimistic. The bank said the hike does not necessarily mark a tightening cycle. Its next policy meeting is scheduled for December 10.

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