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.
Persian Gulf
3 stories since 28 October 2026, newest first
2 November 2026
28 October 2026
Vice President JD Vance sent a letter to Mohsen Rezaei, secretary of Iran's Supreme National Security Council, to revive peace talks, according to the Wall Street Journal. Trump confirmed the outreach but described it as centred on delivering medical supplies, and denied directing it toward peace negotiations. The exchange has focused on a possible framework for talks rather than peace-proposal specifics. Rezaei has said Iran will not negotiate unless its key demands are met first. The US has not struck Iran since early September, but US officials have told Middle East countries to prepare for possible renewed action after the 3 Nov midterm elections. The war began in late February and is in its eighth month.
US gasoline averaged about $4.29 a gallon on 26 Oct, according to AAA, up from $3.05 a year earlier and roughly 43% higher since the conflict with Iran began in February. Diesel averaged about $6.35 a gallon after hitting a record $6.53 in September. GasBuddy analyst Patrick De Haan expects gasoline to stay above $4 and diesel above $6 through Election Day. The Centre for Research on Energy and Clean Air (CREA) estimates US consumers have paid an extra $471 in fuel costs since the war began. White House spokeswoman Taylor Rogers said prices would fall once the conflict ends.