Brent crude is trading above $116 per barrel, while JP Morgan’s model values the benchmark at $94. The price rise continues a streak of four straight monthly gains. An eight‑month conflict with Iran and recent drone and missile attacks on dozens of tankers add volatility. Shipping costs for Middle‑East crude have hit record levels, prompting producers to offer discounts.
Oman
3 stories since 30 October 2026, newest first
2 November 2026
Iranian negotiators left the Doha talks with Qatari mediators on 1 Nov, and an official says a draft proposal is circulating and a follow-up meeting could be arranged. Iran's foreign ministry said the exit was not caused by problems in the negotiations and that exchanges with Washington continue through mediators. The talks rest on a seven-step plan Iran drafted in September to reopen the Strait of Hormuz and end the US naval blockade. US President Donald Trump has rejected Iran's initial proposal. Reports on 3 Nov say US forces struck Qeshm Island and Iran's Revolutionary Guard fired missiles at US aircraft.
30 October 2026
Iran's Revolutionary Guards Navy says four oil tankers caught fire after striking mines in the Strait of Hormuz, with a fourth tanker hit later on Friday, 30 Oct. The Guards say the ships used unauthorized routes and ignored warnings; one tanker carried more than 2 million barrels of crude. UK Maritime Trade Operations separately reported a tanker struck by a projectile about 40 nautical miles south of Lavan Island, with its crew safe. Reuters could not verify Iran's statements, and the US military did not immediately confirm them.