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

On November 4th, Saudi Arabia announced a reduction in the price of its Arab Light crude oil for Asian markets by $3 per barrel. The new price is $5 below the average for Oman and Dubai. This price cut was made after OPEC+ decided to maintain output levels. The tension in the Gulf remains high due to various factors such as tanker attacks off Oman and Yemen, military operations in Yemen, and the ongoing US-Iran conflict.

The price cut affects all grades sold in Asia, with light grades down $3 and medium and heavy grades down $5. Arab Light prices for Northwest Europe increased by $0.85 against ICE Brent, while the US price remained unchanged at $4.60 against ASCI. However, the potential for rising shipping and insurance costs due to tanker attacks, as well as the impact of the US-Iran war on oil prices, may affect the longevity of these gains.

In Yemen, the governing body has announced military operations to retake land held by the Houthis, with over 1,500 Houthi fighters reportedly killed or injured in the past 24 hours. Iran's top negotiator has said that it's time to move beyond wasting time and dictating demands, and that the US must meet seven conditions from the June Islamabad deal.

US President Donald Trump hinted that a decision regarding Iran is imminent, emphasizing that it could go either way - an easy way or a hard way. Another crude oil tanker was attacked off Oman, making it the third such attack in two days. Iran's state media reported that the oil minister has resigned, and Iranian airlines have resumed flights to a holy city in Iraq after a US exemption.