Iran News Updates

The price for a barrel of Brent crude, the international standard, plunged 9.2% on Nov. 4 to $94.11. 

For Iran, the U.S. blockade of its oil exports has snuffed out a key part of its military funding and severely hobbled the $300 billion economy.

After falling nearly 8% on Nov. 2, Brent crude fell 0.9% at $103.80 per barrel after the U.S. attacked Iran's Qeshm Island.

Saudi Aramco sold its oil for an average of $95.20 a barrel during the quarter, compared to $70.10 in the year-before quarter, the company said in a news release.

Global shipping costs soared after ongoing fighting upended flows from the Middle East and Russia, sending ships on longer voyages to secure supplies.

Oil prices dropped Nov. 2, with Brent crude down 5.9% to $106.65 per barrel. Still, that’s much higher than the roughly $65 that a barrel of crude was selling for at this time last year.

Brent crude climbed 2.5% to $113.51 a barrel. Brent remains near the high end of its range since the war with Iran began. 

The price for a barrel of Brent crude oil sank 2.1% to $109.26 as traders assessed fresh diplomatic efforts in the Middle East to avert a resumption of U.S. military strikes on Iran.

Brent crude oil rose 2.7% to $112.39 a barrel. Prices rose after an attack on a major Saudi Arabian refinery by Iran-backed Houthi rebels this week.

It remains unclear what prompted the advisory. The U.S. military last publicly issued a similar notice in mid-July, when it began its blockade of Iranian shipping.