US Iran War Live News Updates: Saudi Arabia cuts Arab light crude oil OSP for Asia for November

Vehicles travel along a road as black smoke billows from a fire at an oil facility in an industrial area in southern Riyadh, Saudi Arabia. (Photo: AP)

Saudi Arabia has cut the November price of its Arab Light crude for Asia by $3 a barrel, to $5 below the Oman/Dubai average, Reuters said. The cut came a day after OPEC+ agreed to hold output steady. Tension in the Gulf remains high, with tanker attacks off Oman and Yemen, new military operations in Yemen and a stand-off between the US and Iran.

What the price cut means : Saudi term supplies to Asia are priced against the Oman/Dubai average, so the cut applies to every grade sold there. Light grades are down $3, while medium and heavy grades are down $5. This lowers the starting price for Asian refiners buying Saudi oil. Prices for other regions moved differently. Arab Light for Northwest Europe was set at plus $0.85 against ICE Brent, up $3 from October. The US price was unchanged at plus $4.60 against ASCI.

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The gain for buyers may not last. Attacks on tankers can push up shipping and insurance costs, and the Iran war could move oil prices whatever Saudi Arabia charges.

Key world developments

• Yemen: Rashad al-Alimi, head of Yemen’s governing body, has announced military operations to retake the remaining land held by the Houthis. The Yemeni army says more than 1,500 Houthi fighters were killed or hurt in the past 24 hours.
• Iran talks: Iran’s top negotiator said the time of “wasting time and dictating demands is over”. He said the United States must meet seven conditions agreed in the June Islamabad deal.
• Trump on Iran: Donald Trump has signalled a decision is coming, saying “the only question is … the easy way or the hard way”.
• Tanker attacks: The UK Maritime Trade Operations agency said another crude oil tanker was attacked off Oman, the third ship attack in the area in two days.
• Iran news: Iran’s state media said the oil minister has resigned. IRNA said an explosion was heard near Qeshm Island. Separately, Iranian airlines have resumed flights to an Iraqi holy city after a US exemption.

Follow the latest world news and major international developments here, including the latest on the US-Iran war and talks over the Strait of Hormuz. This live blog is a rolling curation of the day’s key global stories, with updates added as events unfold and the news agenda changes. The headline, introduction and Top Developments section will be refreshed throughout the day to reflect the stories that matter most at that moment.

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