Reuters

Industry News

Saudi Arabia Cuts November Oil Prices to Asia to Six-Year Lows

Saudi Aramco has unexpectedly reduced its official selling prices for crude oil delivered to Asia in November to six-year lows. The flagship Arab Light grade was priced at a 5-dollar-per-barrel discount to the Oman and Dubai benchmark average, marking a 3-dollar reduction from October. Asian refining sources indicated the price cuts appear intended to offset elevated freight costs and safeguard export market share.

Industry News

High Logistics Costs Keep Brent Above $100 Despite Rising Strait Oil Flows

Middle East crude exports through the Strait of Hormuz climbed to 14.2 million barrels per day in late September, recovering to nearly 80% of pre-war levels, according to Kpler data cited by Reuters. Despite easing crude availability, Brent prices remain above $100 per barrel due to logistical bottlenecks, including record tanker rates and soaring insurance costs.

Industry News

Brent Crude Tops $107 After Strike on Iran’s South Pars Gas Field

Brent crude prices rose over 4% to $107.95 per barrel following an attack on Iran's South Pars gas infrastructure and subsequent retaliatory threats against Gulf energy sites. Iranian media confirmed damage at the Asaluyeh refinery, while benchmark crude remained above $100 for four consecutive sessions. Meanwhile, Iraqi pipeline exports partially resumed amid ongoing regional output disruptions and Strait of Hormuz transit constraints.

Industry News

Iran Says Three Oil Tankers Struck in Hormuz Were Linked to UAE

An Iranian authority stated that three oil tankers recently struck in the Strait of Hormuz were owned or chartered by the United Arab Emirates. The three Liberian-flagged vessels were accused by Tehran of non-compliance with navigation rules over multiple transits. Two of the tankers are managed by UAE-based ADNOC Logistics & Services, and one by Anglo-Eastern Tanker Management.