
Oil rises 3% as Iran reports tanker blasts and Trump rejects a deal
Brent rose more than 3% on Thursday after Iran claimed that blasts damaged four tankers in Hormuz and Trump said the US no longer needs a deal with Tehran.
Day-by-day tracking of the war and its impact on oil prices

Brent rose more than 3% on Thursday after Iran claimed that blasts damaged four tankers in Hormuz and Trump said the US no longer needs a deal with Tehran.

Orlen is cancelling a Qatari LNG contract that ran to 2034, citing QatarEnergy's force majeure. It is the first known exit since Gulf exports were hit.

Saudi Arabia told OPEC it pumped 10.56 million barrels a day in October, the most since February. Outside estimates are lower. Brent is up over 1% today.

Brent fell almost 6% on Monday and slipped again Tuesday after Trump met Qatar's prime minister and said new Iran strikes look unneeded. The blockade stays.

Drones targeted refineries in Yaroslavl and Ryazan this week, while two of the three US-bound tankers with Russian diesel turned away. Diesel futures rose 2%.

Brent slid below $100, a level last seen in early October, and fell nearly 9% at one point after JD Vance said the Iran conflict cost Republicans the midterms.

Brent and US crude fell more than 2% on Wednesday after Democrats took the House and Senate and Trump signaled that new US strikes on Iran are not imminent.

EU gas storage is at its lowest since 2013 as winter starts. A cold winter with Hormuz still shut could drain it below 10% of capacity by March, the IEA says.

Aramco net profit rose 34% in the third quarter, helped by record refining earnings and an asset sale, while attacks and Hormuz disruption kept oil output low.