https://sagire.online/topic/oil/ Rolling analysis and coverage of geopolitics, energy, security and supply chains. en Thu, 05 Nov 2026 02:48:00 -0300 https://sagire.online/wire/cc54c22d/https://sagire.online/wire/cc54c22d/Thu, 05 Nov 2026 00:21:00 -0300The Islamic Revolutionary Guard Corps (IRGC) said on Thursday that two oil tankers and a tugboat had caught fire in separate incidents after attempting to use unauthorized routes through the Strait of Hormuz, in a Reuters text republished by Internazionale. According to the IRGC, one tanker struck a mine while attempting to cross a passage south of the strait, while a supertanker caught fire while exiting the route in the eastern part of the waterway. A tugboat that approached the second vessel to help extinguish the fire also caught fire.IranStrait of HormuzThe GulfOilConflict https://sagire.online/venezuela-sofa-presenca-militar/https://sagire.online/venezuela-sofa-presenca-militar/Wed, 04 Nov 2026 21:55:00 -0300Ten months after the night-time assault that removed Nicolás Maduro, the State Department negotiates with Delcy Rodríguez a status of forces agreement that would give United States troops a legal basis to remain. The scope is deliberately narrow, and the contract is what would make the occupation survive the government that began it.VenezuelaUnited StatesLatin AmericaOil https://sagire.online/wire/c873cdb9/https://sagire.online/wire/c873cdb9/Wed, 04 Nov 2026 20:21:00 -0300Brent fell US$ 8.94, or 8.6%, to US$ 94.66 per barrel on Wednesday, after touching its lowest level since September 4, with traders pricing an end to the war against Iran, according to OilPrice. WTI dropped US$ 8.01, or 8.3%, to US$ 88.08, while Brent traded near US$ 118 on Friday. Gulf exports of crude and products averaged 17.1 million barrels per day in October, down from 18.9 million in September, roughly three-quarters of the pre-war level, according to Vortexa. The US Department of Energy announced the loan of 300,000 barrels from the Northeast home heating oil reserve to four companies, nearly a third of the stockpile, and heating oil futures fell about 7%.United StatesOilEnergyThe Gulf https://sagire.online/wire/cfa3e2ef/https://sagire.online/wire/cfa3e2ef/Wed, 04 Nov 2026 19:21:00 -0300President Donald Trump said it is “largely true” that the war with Iran cost the Republicans the midterm elections, pointing to the short-term rise in gasoline prices, and said he would do it again because “you can't let Iran have a nuclear weapon,” in remarks cited by the ANI agency. The same day, Vice President JD Vance wrote on X that “the reason we lost is the war” and that voter anger over the conflict drove former Trump supporters to back Democrats. Trump also said the main reason was the price of fuel, with “tremendous oil” flowing out of the Strait of Hormuz at the moment. He said he was prepared to work with Democrats after their midterm gains, while warning that he would veto legislation he opposed, and dismissed the possibility of an impeachment effort, saying it would damage Democrats. He also said his personal popularity did not transfer to Republican candidates and that, if he had been on the ballot, Republicans would have won. “If I were on the ballot, we would have won... But you couldn't just transfer that love. There was such love at those rallies; it was incredible. We weren't able to transfer that love to the candidates,” he said.United StatesElectionsIranOil https://sagire.online/wire/602612f5/https://sagire.online/wire/602612f5/Wed, 04 Nov 2026 18:24:00 -0300Iran’s Islamic Revolutionary Guard Corps (IRGC) Navy said that three oil tankers struck naval mines and caught fire while navigating “unauthorized” routes through the Strait of Hormuz, according to the Tasnim news agency, which cited a statement from the force’s public relations office. According to the statement, the explosions occurred in the early hours of Tuesday and the ships, abandoned near the southern shores of the strait, remained engulfed in flames that illuminated the eastern section through the night. The Guard warned that ships disregarding the rules and cooperating with the US military to cross unauthorized routes could face similar incidents. On Monday, Iran’s Navy had already announced that an oil tanker had struck a mine and caught fire in an area described as prohibited and unsafe east of the strait.IranStrait of HormuzThe GulfOil https://sagire.online/wire/1029f46c/https://sagire.online/wire/1029f46c/Wed, 04 Nov 2026 15:23:00 -0300Bloomberg reported plans by Abu Dhabi's state oil company, Adnoc, for a third pipeline from the western coast of the United Arab Emirates (UAE) to Fujairah that could supply Asian customers and bypass Hormuz. The existing pipeline, Habshan–Fujairah, has run since 2012 with a capacity of 1.5 million barrels a day, expandable to 1.8 million, and a second, the West-East pipeline, is expected to start operating in 2027. Adnoc told Bloomberg the report was not accurate and “purely speculative”.United Arab EmiratesStrait of HormuzEnergyOil https://sagire.online/wire/997e2c63/https://sagire.online/wire/997e2c63/Wed, 04 Nov 2026 14:22:00 -0300The US Treasury on Wednesday sanctioned India-based Suniel Kumar Sharma, his wife Jaspreet Preeti Shahid, two other Indian citizens who head two of the couple’s businesses and nine entities connected to Sharma, a network that the department said provided false flags and certifications to sanctioned vessels carrying Iranian petroleum, including vessels operating on behalf of the Iranian military and its proxies. Treasury said the scheme operated from Chandigarh and purported to represent nations from nearly every continent, from Guyana to Eswatini and Laos. The department also sanctioned Turkey-based Fugo Group Services Inc for its ongoing support of Iran’s aviation sector. The measures are part of “Operation Economic Outcast,” which aims to cut off Iran’s ability to sell oil to fund the war.United StatesIndiaTurkeySanctionsOil https://sagire.online/wire/7d29cebb/https://sagire.online/wire/7d29cebb/Wed, 04 Nov 2026 14:22:00 -0300Brent fell nearly 8% to $95.41 a barrel, and US West Texas Intermediate dropped 7% to $89.40, after President Donald Trump told the Financial Times on Tuesday that he has no immediate plans to strike Iran. Oil had risen more than 10% in October on fears of a possible escalation and has fallen over three consecutive sessions. The Energy Department said it would lend 300,000 barrels from the Northeast Home Heating Oil Reserve to four companies, nearly a third of the stockpile, and US crude inventories fell 900,000 barrels to 409.8 million in the week ended October 30, 4% below the five-year average.OilUnited StatesEconomyIran https://sagire.online/wire/f042aa67/https://sagire.online/wire/f042aa67/Wed, 04 Nov 2026 13:22:00 -0300US President Donald Trump told Fox News that the economy is strong, but that the gasoline price, caused by Iran, kept voters from seeing it, and told The Wall Street Journal about the war with Iran: “I did the right thing. I would have done it again.” He denied responsibility for the Republican defeat in the midterm elections: “I wasn't on the ticket,” he told The New York Times, “and because I wasn't on the ticket, we couldn't get enough people out to vote.” The statement contradicts Vice President JD Vance, who attributed the defeat to the war and said the president himself had acknowledged it.United StatesElectionsIranOil https://sagire.online/wire/3d8ba2d7/https://sagire.online/wire/3d8ba2d7/Wed, 04 Nov 2026 11:23:00 -0300Iran’s Oil Ministry brought the private sector together on Tuesday to discuss winter gas supply, in a meeting with acting Oil Minister Hamid Bovard. Bovard said current conditions are not normal and that energy issues cannot be approached with the usual past perspective. The ministry says it is working around the clock to restore lost gas production capacity and return to the previous level as quickly as possible.IranEnergyOil https://sagire.online/wire/e94b9a78/https://sagire.online/wire/e94b9a78/Wed, 04 Nov 2026 11:22:00 -0300Wall Street opened higher on Wednesday, with the Nasdaq up 1 percent, the Dow Jones Industrial Average up 1.8 percent and the S&P 500 up 1.1 percent, on the heels of the Democratic sweep in the midterm elections. Brent was down 3.09 percent at $100.40 a barrel, and West Texas Intermediate (WTI) was down 3.13 percent at $93.08. Traders were betting on a US-Iran deal to push crude lower.United StatesOilEconomyIran https://sagire.online/wire/aa1ba9c4/https://sagire.online/wire/aa1ba9c4/Wed, 04 Nov 2026 10:22:00 -0300Spanish energy firm Moeve, majority owned by Abu Dhabi fund Mubadala, said on Wednesday it had agreed to sell its Algerian oil assets to Indonesia’s state energy firm Pertamina. The deal includes Moeve’s minority stakes in the Rhourde el Khrouf, Bir el Msana and Ourhoud onshore oilfields in Algeria’s Berkine Basin. The company has also agreed to sell its minority stake in Algeria’s Timimoun onshore gas field, a person familiar with the matter said. The sale of its Algerian upstream assets will complete Moeve’s withdrawal from the exploration and production business.AlgeriaIndonesiaOilEnergySpain https://sagire.online/wire/38700400/https://sagire.online/wire/38700400/Wed, 04 Nov 2026 09:23:00 -0300Democrat Jon Rosenthal defeated Republican Bo French by 52.6% to 45.5% in the race for the Texas Railroad Commission, with 94% of the votes counted, according to the Associated Press (AP). A state representative who describes himself as a “drill-baby-drill Democrat,” Rosenthal is the first Democrat elected to the commission since Bob Krueger in 1990; no Democrat had served on the three-member commission since 1994. The commission regulates an industry that pumps more crude than every member of the Organization of the Petroleum Exporting Countries (OPEC) except Saudi Arabia.United StatesElectionsOilEnergy https://sagire.online/wire/d9e7afc1/https://sagire.online/wire/d9e7afc1/Wed, 04 Nov 2026 09:21:00 -0300Iran’s Islamic Revolutionary Guard Corps (IRGC) said four oil tankers caught fire after hitting naval sea mines in the Strait of Hormuz. According to the semi-official Tasnim news agency, the IRGC said two of the vessels were still burning and that two additional tankers were intercepted trying to use a prohibited southern route in the strait. BBC Verify investigated the claims and has not found any evidence that four tankers were destroyed. In a separate incident, the UK Maritime Trade Operations (UKMTO) center said a tanker was struck by two unknown projectiles about 14 nautical miles (26 km) northeast of Limah, in Oman’s Musandam peninsula, on Tuesday evening, with no casualties reported. The IRGC also said it had shot down another US MQ-9 drone over the Strait of Hormuz. The Strait of Hormuz, through which a fifth of global oil and gas shipments usually pass, has been effectively closed since the start of the Iran war, because of Iranian attacks on commercial vessels and the US naval blockade.IranStrait of HormuzOilThe GulfDrones https://sagire.online/wire/e7877725/https://sagire.online/wire/e7877725/Wed, 04 Nov 2026 08:23:00 -0300Total oil and gas output at Nigeria's state company rose to 3.04 million barrels of oil equivalent per day in September, up from 3.01 million the previous month. Revenue came in at 3.4 billion dollars (4.608 trillion naira), in line with the months after March, when the Iran war and the Strait of Hormuz crisis hiked international oil prices. The state company attributed the increase to the restart of the Obodo oilfield in mining license OML 150, and said output remains constrained by equipment failures, subsurface issues, flowline leaks, community protests and storage and export infrastructure constraints.NigeriaOilEconomy