Trump promises Iran decision soon as Qatar pushes diplomacyTech rout spreads to Asia after Wall Street's AI sell-offTrump promises 'big, beautiful' Ukraine deal as Europe fears being sidelinedKomyshuvakha toll rises to 53 as Kyiv blackouts persist and refinery strikes continueSeafarer dies on tanker near Hormuz as Iran claims more mine strikesParaguay's Senate presses on with Peña impeachment after he is refused more timeArmed men kill at least 33 in eastern Congo and scatter Ebola patientsBomb hoaxes spread from European flights to broadcastersDozens killed at Taiz market as Houthis and government trade blameTrump names Stephen Miller chief of staff as Justice Department leaders resignOil posts steepest weekly fall since Covid as Iran decision loomsMillions displaced by Sudan's war risk losing shelter as funds run lowANC slumps to record low in local elections as coalition talks beginSerbia's election commission confirms Student List majorityHerzog to name government-formation candidate as majority backs EisenkotNetanyahu's office does not dispute Trump's claim that US aid to Israel is endingJapan demands Russia reverse seizure of Japan Tobacco unitsEU Commission finds TikTok's feed preliminarily breaches digital rulesUS warns China to meet Busan trade terms as trade chiefs prepare Shenzhen summitUS hiring beats forecasts, strengthening bets on a December Fed hikeActivists storm Microsoft data centre site in Amsterdam as backlash spreadsDemocrats prepare investigations, Hegseth impeachment push and Iran war funding fightCopernicus: 2026 virtually certain to exceed 1.5C as COP31 nears21,000 patients await evacuation from Gaza as rain threatens displacedEthiopian army retakes Mekelle as Tigray rebels retreat to mountainsFrench cost-of-living protests draw hundreds of thousands, more marches plannedAnthropic's IPO plans clouded by AI sell-offUS agencies warn of worldwide attacks on refrigeration systemsMacau jails ex-lawmaker Au Kam San for 12.5 years in first national security caseIran's security chief delivers Khamenei message to Putin as rocket-launcher deal is reportedTanzanian opposition leader Tundu Lissu jailed for four years for incitementGermany to take 50% stake in tank maker KNDSKenyan cult leader Paul Mackenzie sentenced to 200 years over 191 murdersEU prosecutors probe fraud on Spanish rail line where crash killed 69Settlers seize eight homes in Jericho as Hebron mosque closed to PalestiniansPolish constitutional crisis becomes open clash between president and governmentTrump-Putin diesel deal falters as US traders refuse cargoesPope Leo begins 12-day South America tour weeks after lung surgeryReports detail how North Korean hackers drained BinanceIndonesia names fourth wiretap suspect as Prabowo-Widodo rift deepensTen countries condemn Joshua Wong's sentence as Hong Kong hits backRussia and US seek to block binding rules on autonomous weaponsTrump promises Iran decision soon as Qatar pushes diplomacyTech rout spreads to Asia after Wall Street's AI sell-offTrump promises 'big, beautiful' Ukraine deal as Europe fears being sidelinedKomyshuvakha toll rises to 53 as Kyiv blackouts persist and refinery strikes continueSeafarer dies on tanker near Hormuz as Iran claims more mine strikesParaguay's Senate presses on with Peña impeachment after he is refused more timeArmed men kill at least 33 in eastern Congo and scatter Ebola patientsBomb hoaxes spread from European flights to broadcastersDozens killed at Taiz market as Houthis and government trade blameTrump names Stephen Miller chief of staff as Justice Department leaders resignOil posts steepest weekly fall since Covid as Iran decision loomsMillions displaced by Sudan's war risk losing shelter as funds run lowANC slumps to record low in local elections as coalition talks beginSerbia's election commission confirms Student List majorityHerzog to name government-formation candidate as majority backs EisenkotNetanyahu's office does not dispute Trump's claim that US aid to Israel is endingJapan demands Russia reverse seizure of Japan Tobacco unitsEU Commission finds TikTok's feed preliminarily breaches digital rulesUS warns China to meet Busan trade terms as trade chiefs prepare Shenzhen summitUS hiring beats forecasts, strengthening bets on a December Fed hikeActivists storm Microsoft data centre site in Amsterdam as backlash spreadsDemocrats prepare investigations, Hegseth impeachment push and Iran war funding fightCopernicus: 2026 virtually certain to exceed 1.5C as COP31 nears21,000 patients await evacuation from Gaza as rain threatens displacedEthiopian army retakes Mekelle as Tigray rebels retreat to mountainsFrench cost-of-living protests draw hundreds of thousands, more marches plannedAnthropic's IPO plans clouded by AI sell-offUS agencies warn of worldwide attacks on refrigeration systemsMacau jails ex-lawmaker Au Kam San for 12.5 years in first national security caseIran's security chief delivers Khamenei message to Putin as rocket-launcher deal is reportedTanzanian opposition leader Tundu Lissu jailed for four years for incitementGermany to take 50% stake in tank maker KNDSKenyan cult leader Paul Mackenzie sentenced to 200 years over 191 murdersEU prosecutors probe fraud on Spanish rail line where crash killed 69Settlers seize eight homes in Jericho as Hebron mosque closed to PalestiniansPolish constitutional crisis becomes open clash between president and governmentTrump-Putin diesel deal falters as US traders refuse cargoesPope Leo begins 12-day South America tour weeks after lung surgeryReports detail how North Korean hackers drained BinanceIndonesia names fourth wiretap suspect as Prabowo-Widodo rift deepensTen countries condemn Joshua Wong's sentence as Hong Kong hits backRussia and US seek to block binding rules on autonomous weapons
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Symbolic image: Oil posts steepest weekly fall since Covid as Iran decision loomsSymbolic image

Oil posts steepest weekly fall since Covid as Iran decision looms

4 sources

Brent settled at $98.32 on Friday, down more than 13 per cent on the week, after Republican midterm losses fed hopes of de-escalation with Iran.

Brent had fallen 8.7 per cent to $94.62 on Wednesday, 4 November, its lowest settlement since 31 August, after Democrats won both the House and the Senate. The National calls the result widely seen as a rebuke of President Donald Trump over the Iran war, and Vice President JD Vance wrote on X that the Republicans lost because of the war. WTI closed at $90.83 on Friday, down 12.7 per cent on the week. Prices recovered part of the losses since Thursday, when Trump said he would soon decide whether to resume attacks on Iran or pursue an agreement.

Supply risks persist

Tehran said on Thursday that three more ships had been struck in the Strait of Hormuz, and the Houthis have declared a blockade on Saudi shipping since July. Bloomberg reports that OPEC output neared pre-war levels on a Saudi rebound, while the consultancy FGE, per Bloomberg, sees Iranian oil exports near zero and a peace deal as unlikely.

Europe's gas stocks fall fast

Gazprom said on Friday, citing Gas Infrastructure Europe data, that Europe withdrew 2.5 per cent of its summer injections in the first week of the heating season, with stocks below 74 per cent. It says the EU injected 51 bcm against the 68 bcm required.

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