US strikes Iran's Qeshm Island as Qatar-mediated talks stall Democrats secure Senate majority as Americans vote in midterms Dozens killed at Zaporizhzhia aid site as Russia hits grid and Kyiv strikes refinery Trump says US military aid to Israel ends this year, surprising Israeli officials Houthis press toward Aden as attacks on Saudi Arabia delay Asian Cup Africa CDC raises Ebola toll to 5,376 as Israel isolates two suspected cases US-brokered Russia-Ukraine talks set for Abu Dhabi as Europe seeks a role Cyclone Murasu hits Andhra Pradesh after Cyclone Arnab Oil slips below $101 after Qeshm-driven jump as IEA warns of long gas squeeze Three more tankers explode in Hormuz while an Indian is killed in attack near Oman Drones become top killer of civilians in Sudan's war, UN says Freezer hacks reach Germany, UK and Greece after wave across Europe Binance details months-long hack campaign as North Korea denies role AI borrowing tests credit markets as investors seek protection Spain's transport minister resigns after Urda rail crash Israeli opposition unites behind Eisenkot but stays split over Arab parties Australia raises rates to 18-year high as ECB succession race opens Row over German riots continues as Madrid housing camp is dismantled Black Sea shipping attacks widen and test NATO limits UK and EU complete deal to remove Brexit checks on food and animal products China halts new listings after worst stock market month in over a decade Schaeffler to cut 3,460 jobs in Europe and close five plants Greenland's parliament ratifies security deal with US and Denmark Nvidia tells data-centre clients to cut China exposure Kremlin says work under way on Trump-Putin-Xi meeting at APEC summit Nigeria: bandits abduct 14 pupils and a teacher, police ambushed in Zamfara Courts rebuff Trump administration on voting Poland sends special forces to Kaliningrad border after Tusk warns of provocation Bangladesh garment workers defy calls to end wage protests on fourth day New York child dies of measles, state's first fatal case in 30 years US suspends South Africa and Rwanda from AGOA trade programme Bomb threats force flight diversions across Europe EU court adviser says Google's Gemini may infringe press copyright Brazil publishes first global roadmap for phasing out fossil fuels China accuses Philippine politicians of 'intolerable' conduct as tensions rise North Korea warns Japan over missiles and joint drills Israeli forces kill four more in Gaza, bringing post-ceasefire toll near 1,600 Western Sahara conflict risks escalation as UN mission ends Polish Constitutional Tribunal standoff deepens Czech public media strike against Babiš government's funding changes Zelensky confirms Ukrainian hack of Russian emergency alert app US strikes Iran's Qeshm Island as Qatar-mediated talks stall Democrats secure Senate majority as Americans vote in midterms Dozens killed at Zaporizhzhia aid site as Russia hits grid and Kyiv strikes refinery Trump says US military aid to Israel ends this year, surprising Israeli officials Houthis press toward Aden as attacks on Saudi Arabia delay Asian Cup Africa CDC raises Ebola toll to 5,376 as Israel isolates two suspected cases US-brokered Russia-Ukraine talks set for Abu Dhabi as Europe seeks a role Cyclone Murasu hits Andhra Pradesh after Cyclone Arnab Oil slips below $101 after Qeshm-driven jump as IEA warns of long gas squeeze Three more tankers explode in Hormuz while an Indian is killed in attack near Oman Drones become top killer of civilians in Sudan's war, UN says Freezer hacks reach Germany, UK and Greece after wave across Europe Binance details months-long hack campaign as North Korea denies role AI borrowing tests credit markets as investors seek protection Spain's transport minister resigns after Urda rail crash Israeli opposition unites behind Eisenkot but stays split over Arab parties Australia raises rates to 18-year high as ECB succession race opens Row over German riots continues as Madrid housing camp is dismantled Black Sea shipping attacks widen and test NATO limits UK and EU complete deal to remove Brexit checks on food and animal products China halts new listings after worst stock market month in over a decade Schaeffler to cut 3,460 jobs in Europe and close five plants Greenland's parliament ratifies security deal with US and Denmark Nvidia tells data-centre clients to cut China exposure Kremlin says work under way on Trump-Putin-Xi meeting at APEC summit Nigeria: bandits abduct 14 pupils and a teacher, police ambushed in Zamfara Courts rebuff Trump administration on voting Poland sends special forces to Kaliningrad border after Tusk warns of provocation Bangladesh garment workers defy calls to end wage protests on fourth day New York child dies of measles, state's first fatal case in 30 years US suspends South Africa and Rwanda from AGOA trade programme Bomb threats force flight diversions across Europe EU court adviser says Google's Gemini may infringe press copyright Brazil publishes first global roadmap for phasing out fossil fuels China accuses Philippine politicians of 'intolerable' conduct as tensions rise North Korea warns Japan over missiles and joint drills Israeli forces kill four more in Gaza, bringing post-ceasefire toll near 1,600 Western Sahara conflict risks escalation as UN mission ends Polish Constitutional Tribunal standoff deepens Czech public media strike against Babiš government's funding changes Zelensky confirms Ukrainian hack of Russian emergency alert app

Symbolic image: Oil slips below $101 after Qeshm-driven jump as IEA warns of long gas squeeze

Symbolic image

Oil slips below $101 after Qeshm-driven jump as IEA warns of long gas squeeze

8 sources

Brent jumped to nearly $107 on Tuesday after reported US strikes on Qeshm, then fell below $101 on hopes of a deal. The IEA warned that gas tightness could last into 2027.

The Wall Street Journal reported, citing US officials, that US forces struck Iran's Qeshm Island at the mouth of the Strait of Hormuz on Monday night, 2 November, which the officials called defensive. Brent climbed to nearly $107 on Tuesday, according to The National, after a Monday slide of more than 7%. It then gave up the gains, and TASS reported $100.80, the first dip below $101 since 8 October, as US-Iran diplomacy stayed alive.

IEA warns of gas squeeze

The IEA said on Tuesday that Europe risks ending winter with record-low gas storage and must refill it, so tightness could last well into next year (Bloomberg). The WSJ reports the IEA also sees a record annual fall in global LNG supply. TTF December futures dropped to about 86.75 euros per MWh, the lowest since 21 October, TASS reported.

Gulf producers' finances

Aramco's third-quarter profit rose 9%, Bloomberg and the New York Times report; Reuters' headline says 34.5%. Saudi Arabia's quarterly deficit more than doubled to 84 billion riyals ($22.4 billion) as oil revenues fell and Aramco paid lower fees, the Finance Ministry said.