Oil Prices Drop On Peace Talk Hopes Despite Gulf Attacks
2026-10-29 Shafaq News Oil prices fell on Thursday, paring gains made a day earlier, as hopes for peace talks took the edge off renewed concerns over Middle East supply disruptions from escalating regional conflict.
Brent crude futures declined $1.22, or 1.1%, to $114.10 a barrel at 0351 GMT. US West Texas Intermediate (WTI) crude futures were down $1.33, or 1.3%, at $101.45.
Brent rose 1.3% and WTI gained 3% on Wednesday.
US Vice President JD Vance sought to revive peace negotiations by sending a letter to Iranian Security Council chief Mohsen Rezaei, the Wall Street Journal said on Wednesday, citing US officials and people familiar with the matter.
"Selling pressure is prevailing amid expectations that peace talks may resume," said Yuki Takashima, an economist at Nomura Securities. "However, the decline remains limited."
This was due to concerns over intensified attacks by the Houthis and fears the US may launch an attack on Iran following its midterm elections set for November3.
The Saudi-led coalition fighting Yemen's Houthis said it destroyed a ballistic missile fired by the group towards the kingdom's eastern region early on Thursday, as hostilities between the two sides show no signs of abating.
The Houthis attacked Aden airport on Wednesday, Yemeni government forces said.
The attack came a day after the Houthis said they hit Saudi Arabia's biggest oil refinery with a missile, stepping up strikes against the world's second-largest crude producer after the United States.
Saudi authorities did not immediately confirm the strike on the 550,000-barrel-per-day facility.
Qatari mediators have presented Iran with a new draft deal to end the war with the US and Israel, an official briefed on the negotiations said, but a senior Iranian official dismissed it as unacceptable ideas that did not amount to an offer.
Iran's foreign minister said on Wednesday Tehran continued to give diplomacy a chance to succeed and flagged the possibility of completing its seven-day plan in less than a week if adopted.
Some expectations of rising crude and diesel production from Russia weighed further on market sentiment and prices.
"Since the October 15 strike on the Ryazan refinery, there have been no further confirmed attacks on Russian refining infrastructure," JPMorgan analysts said in a note last night. "The silence has allowed Russian refinery runs to rebound by 350 kbd last week to 4 mbd."
"Higher runs would also allow Russia to lift crude production by a broadly comparable amount, reversing part of the recent decline that pushed output to 8.4 mbd—its lowest level since 2003 ... (but) higher crude production would not necessarily translate into higher crude exports."
The US Energy Information Administration said on Wednesday that energy firms pulled 1.9 million barrels of crude from storage during the week ended October 23, versus analysts' forecast of a 15,000-barrel build in a Reuters poll.
But gasoline stockpiles rose by 3.9 million barrels, against analysts' expectations for a draw of 0.9 million barrels. (Reuters)
https://shafaq.com/en/Economy/Oil-prices-drop-on-peace-talk-hopes-despite-Gulf-attacks
Basrah Crudes Rise Despite Benchmark Losses
2026-10-29 Shafaq News- Basra Iraq's Basrah Heavy and Basrah Medium crude prices rose on Thursday, even as global benchmarks Brent and West Texas Intermediate (WTI) declined.
Basrah Heavy gained $2.56, or 3.58%, to $73.98 a barrel, while Basrah Medium rose by the same amount, or 3.39%, to $77.98.
Brent crude futures fell $1.22, or 1.1%, to $114.10 a barrel, and WTI dropped $1.33, or 1.3%, to $101.45, as hopes for renewed peace talks eased fears of supply disruptions in the Middle East.
The OPEC basket also declined, losing $2.04, or 1.74%, to $115.21 a barrel.
https://shafaq.com/en/Economy/Basrah-crudes-rise-despite-benchmark-losses-0-3
USD/IQD Climbs In Baghdad And Erbil Markets
2026-10-29 Shafaq News- Baghdad/ Erbil The US dollar opened higher in Iraq on Thursday, trading around 168,000 dinars per $100. According to a Shafaq News market survey, the dollar traded in Baghdad's Al-Kifah and Al-Harithiya exchanges at 168,000 dinars per 100 dollars, up from Wednesday's 167,800 dinars.
In the Iraqi capital, exchange shops sold the dollar at 168,500 dinars and bought it at 167,500 dinars, while in Erbil, selling prices stood at 167,750 dinars and buying prices at 167,650 dinars.
https://shafaq.com/en/Economy/USD-IQD-climbs-in-Baghdad-and-Erbil-markets-3
Gold Prices Stabilize In Baghdad And Erbil
2026-10-29 04:23 Shafaq News- Baghdad/ Erbil On Thursday, gold prices held steady in Baghdad and Erbil markets, hovering around 955,000 IQD per mithqal, according to a Shafaq News survey.
Gold prices on Baghdad’s Al-Nahr Street recorded a selling price of 950,000 IQD per mithqal (equivalent to five grams) for 21-carat gold, including Gulf, Turkish, and European varieties, with a buying price of 946,000 IQD, unchanged from Wednesday.
The selling price for 21-carat Iraqi gold stood at 920,000 IQD, while the buying price reached 916,000 IQD.
In jewelry stores, the selling price per mithqal of 21-carat Gulf gold ranged between 950,000 and 960,000 IQD, while Iraqi gold sold for between 920,000 and 930,000 IQD.
In Erbil, 22-carat gold was sold at 1,007,000 IQD per mithqal, 21-carat gold at 962,000 IQD, and 18-carat gold at 824,000 IQD.
https://shafaq.com/en/Economy/Gold-prices-stabilize-in-Baghdad-and-Erbil-3
Al-Zaydi And Al-Sharaa Discuss A Plan To Export Two Million Barrels Of Iraqi Oil Via Banias
2026-10-28 | 15:14 Damascus - 964 Media Prime Minister Ali al-Zaidi and Syrian President Ahmed al-Sharaa discussed an economic and security roadmap during talks in Damascus on Wednesday (October 28, 2026). The roadmap includes a plan to export two million barrels of Iraqi oil per day via the Banias pipeline. The talks also included joint efforts to enhance trade and develop the agricultural sector to achieve economic and food integration between the two countries.
Al-Zaydi’s office stated in a statement received by 964 Network that “Prime Minister Ali Faleh al-Zaydi and Syrian President Ahmed al-Sharaa chaired, on Wednesday, in the capital Damascus, an expanded session of talks between the delegations of the two countries.
Al-Zaydi stressed, according to the statement, that the Iraqi and Syrian peoples are one people in two countries, pointing to the work on developing partnership and joint cooperation in various fields, especially economic and social, strengthening security cooperation and unifying positions on regional and international issues, and working to achieve peace and stability in the region.
For his part, the Syrian President expressed his great appreciation for the visit of Al-Zaidi and his accompanying delegation, stressing the depth of bilateral relations and Syria’s keenness to achieve the highest levels of cooperation between the two countries.
During the meeting, a number of issues were discussed, including the export of Iraqi oil via the Banias pipeline with an export capacity of up to two million barrels per day, increasing the volume of trade exchange, as well as joint work to develop the agricultural sector, in order to achieve food and economic integration. https://964media.com/730534/