Oil Holds Near Two-Month Low on Hopes of End to Iran Conflict

Oil Holds Near Two-Month Low on Hopes of End to Iran Conflict

Brent oil held near a two-month low after tumbling almost 9% in the previous session as investors bet that a Democratic sweep in the US midterm elections could accelerate efforts to end the war in the Middle East. The international benchmark traded near $95 a barrel, while West Texas Intermediate was around $88 after its …

US said to await Iran’s response to peace plan…. US, Iran said to agree to concessions from Qatar’s plan

US said to await Iran’s response to peace plan…. US, Iran said to agree to concessions from Qatar’s plan

The United States informed Qatari mediators that it agreed to the peace proposal and is awaiting a response from Iranian negotiators, an unnamed senior source told Saudi news outlet Al Arabiya on Tuesday. Furthermore, the source alleged that Tehran received the latest peace offer on Monday, but there was no official confirmation. On the other hand, Iranian …

IRGC: 11 tankers caught fire or sank in Hormuz in 9 days

IRGC: 11 tankers caught fire or sank in Hormuz in 9 days

Iran’s Islamic Revolutionary Guard Corps (IRGC) Navy Command claimed on Monday that 11 oil tankers caught fire or sank in the Strait of Hormuz in the past nine days. “From October 25 (the date of [United States] Commander CENTCOM Brad Cooper’s show visit to the Strait of Hormuz) to today (nine days), 11 violating oil …

ADNOC CEO: Global oil reserves down by 1B barrels

ADNOC CEO: Global oil reserves down by 1B barrels

Abu Dhabi National Oil Company (ADNOC) CEO Sultan Ahmed Al-Jaber (pictured) said on Monday that global oil reserves were reduced by nearly one billion barrels amid the Iran crisis and the closure of the Strait of Hormuz. Speaking at Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC), the executive noted that shipping and logistics costs have …