News about oil prices

Overnight on October 17, Ukraine launched one of the largest drone attacks on Russia this year, targeting an oil facility despite a request from US President Donald Trump to stop hitting Russian energy infrastructure. Russia's Defense Ministry said it shot down 1,015 Ukrainian drones overnight into October 18, and that the St. Petersburg oil port, an Ozon logistics center and a VKontakte data center were among the targets. Trump criticized Zelensky for not wanting to end the war, while Zelensky said US siding with Russia would be a 'historic mistake' and noted that US intelligence sharing had been paused for three days. Trump also lifted sanctions on Russian diesel imports, and Zelensky said Russia had attacked Ukrainian energy sites 76 times since the energy ceasefire was announced.

Western Sydney International, a A$5.6 billion airport about 50 km from the city centre, welcomed its first passenger flight on Sunday (18 October), a Jetstar service to Gold Coast, but its commercial outlook is in question. Cirium data show it has attracted only a few airlines and is expected to host at most about 6 scheduled flights a day over the next 12 months, as the Iran conflict pushes up fuel costs and many carriers, including Qantas, cut domestic routes. The rail link is not expected until 2027 at the earliest, while a bus to central Sydney costs A$55 and takes about an hour, compared with a 20-minute taxi or train ride from Sydney Kingsford Smith airport. University of Sydney transport professor David Levinson believes forecasts of 8.4 million passengers a year by the end of the decade are optimistic. The airport's advantage is that it is not subject to a night curfew, and it aims to serve 82 million passengers a year by 2063.

Airline executives told the Financial Times that fuel prices surging after the Iran war could become the new normal, forcing carriers to keep raising fares and possibly scale back growth plans or cut fleets. TAP Air Portugal's CEO Luís Rodrigues expects three to five difficult years because pricing power is limited. So far demand holds up: OAG estimates 2.3 billion bookings in the first half, up 1% year on year, even as fares rose. Executives worry that fuel-driven inflation will erode household purchasing power, and many carriers plan further fare hikes as fuel hedges expire. Abra's CEO Adrian Neuhauser said the industry could end up smaller than it otherwise would, while SunExpress's Marcus Schnabel said AI is 'not free' and must compete with aircraft purchases for capital.

Asian shares were mixed on Monday as tech stock volatility persisted, with South Korea's Kospi up 1.8% to 5,768.01 but still more than 17% below its June peak above 9,000. Japan's Nikkei 225 lost 0.6%, while China's Shanghai Composite rose 0.4% after the economy grew 4.5% in the July-September quarter. Indonesia's index fell over 5% at one point after MSCI warned it could downgrade the country's emerging market status. Oil fell more than 2% after President Donald Trump waived sweeping sanctions on Russia, including energy, likely allowing more Russian energy exports. Brent crude dropped 2.5% to $107.16 a barrel.

The Indian rupee rose 22 paise to 94.75 per US dollar on Monday as Reserve Bank of India (RBI) intervention supported the currency despite high crude prices. The currency is hovering near 95 per dollar, which experts see as the RBI's soft defence line, after its best weekly performance in nearly four years. Foreign institutional investors (FIIs) sold Rs 54,636 crore through October 16, though they turned marginal buyers in recent days, with experts citing a drop in the US 10-year yield to 5.08%. Brent crude briefly topped $110 a barrel on Friday before easing to around $108, after Trump waived new Russia sanctions that could boost Russian fuel exports.

Asian shares fell Monday as worries about AI's enormous funding needs weighed ahead of a busy earnings week, while the euro eased amid political unrest in France. Oil dropped after President Trump's decision to waive some Russia sanctions, though a final decision has not been made, which helped bonds and US stock futures; Brent fell 1.6% to $108.06 a barrel and US crude 0.7% to $100.70. The 10-year Treasury yield fell 3 basis points to 5.0645% after its largest weekly drop in over eight months. Japan's Nikkei dropped 2.0% and South Korea 1.6%, after heavy losses last week, while the PHLX Semiconductor Index shed 11.4%, its longest losing streak since 2008. Major earnings from Meta, Tesla, Lam Research and others are due this week, and five AI hyperscalers are expected to lift capital spending to about $1.2 trillion next year, according to Goldman Sachs; gold rose 0.4% to $4,181 an ounce.

Asian share markets mostly slipped Monday on worries about AI's huge funding needs, though Chinese data beat forecasts, with third-quarter GDP growing 4.5% and retail sales up 1.1%. Indonesia's stock index fell 5% to its lowest since 2020 after MSCI said it was considering moving the country from emerging-market to 'standalone' status. Oil fell after Trump waived some Russia sanctions, with Brent down 1.8% to $107.83 a barrel and the 10-year Treasury yield dropping 4 basis points to 5.0525%. The yuan strengthened to 6.6828 per dollar, its firmest since July 2022, while the euro dipped toward its 16-month low. Investors are awaiting this week's earnings from Meta, Tesla and other companies.

Asian shares were mixed on Monday as volatility in technology stocks persisted, while U.S. equity futures edged higher. Oil fell more than 1% after President Donald Trump waived sweeping sanctions on Russia, including on Russian energy, with Brent down 1.8% to $107.86 per barrel. South Korea's Kospi rose 1.1% to 5,729.58 but is down more than 18% over the past month, while Japan's Nikkei 225 lost 0.8% to 64,799.03. Indonesia's stock index fell another 5% to its lowest since 2020, after plunging over 11% on Friday following an MSCI warning about a possible downgrade. Tech shares have been sold off recently over concerns about the sustainability of the AI boom, and on Friday the S&P 500 fell 1.1% and the Nasdaq sank 2.1%.

Asian shares were mixed Monday as volatility in technology stocks persisted, while U.S. futures edged higher ahead of another busy earnings week. South Korea's Kospi rose 1.1% to 5,729.58 but remains more than 18% lower over the past month and far below the 9,000 level it crossed at its June peak, while Japan's Nikkei slipped 0.8% and Indonesia's index plunged 5% to its lowest since 2020 after MSCI flagged a possible downgrade from emerging-market status. Oil fell more than 1% after Trump waived sweeping Russia sanctions, with Brent down 1.8% to $107.86 a barrel. Wall Street had closed lower Friday, with the S&P 500 down 1.1% and the Nasdaq sinking 2.1%. Oil remains elevated compared with levels before the Iran war, with Middle East supply risks still adding upward pressure.

On 19 October 2026, State Bank of Vietnam (SBV) Governor Pham Duc An chaired a meeting with top leaders of commercial banks on implementing operational measures. The SBV said that in the first 9 months of 2026 it ran monetary policy proactively and flexibly; as of 14 October 2026, outstanding credit to the economy reached VND 20,721,583 billion, up 11.44% from the end of last year and 16.73% year-on-year, with a credit growth orientation of 15%. Amid rising international tensions, including the Middle East conflict that pushed up oil prices, several central banks such as the Fed, ECB and BOJ raised rates, strengthening the US dollar. Commercial banks agreed to cut listed deposit rates by at least 0.5% per year for terms of 6 months or more, avoid bidding up deposit rates, and reduce lending rates by 1.5–2% per year, focusing on production, business and priority sectors.

The rupee gained 9 paise to 94.80 against the dollar in early trade, extending its recovery to a third straight session after closing at 94.89 on Friday. Traders said it was the sharpest rally in seven months, but high crude prices, rising U.S. Treasury yields and steady foreign outflows have kept pressure on, prompting the RBI to step up interventions. Brent fell 1.88% to $107.79 per barrel after surging to $110, amid attacks on vessels near the Strait of Hormuz and threats to Saudi energy infrastructure. The Sensex dropped 470.50 points to 74,318, while foreign institutional investors bought a net Rs 1,165.92 crore of equities on Friday. India's forex reserves fell $8.578 billion to $726.027 billion in the week ended October 9, after a $12.952 billion decline the previous week.

The rupee gained 9 paise to 94.80 against the U.S. dollar in early trade on Monday, October 19, 2026, supported by the Reserve Bank of India's structural forex interventions. Forex traders said it was the rupee's sharpest rally in seven months, but a surge in Brent crude to $110 per barrel remains the biggest threat to the recovery. High crude prices, rising U.S. Treasury yields and steady foreign capital outflows have pushed the RBI to step up its market interventions. The Sensex fell 470.50 points to 74,318, while foreign institutional investors bought a net ₹1,165.92 crore of equities on Friday. India's forex reserves dropped $8.578 billion to $726.027 billion in the week ended October 9.

Even as crude oil flows out of the Strait of Hormuz recover, the global diesel shortage persists because refinery output in the Middle East and Russia remains constrained and other suppliers cannot fully offset the loss. Diesel prices hit records in mid-September, and the G7's promised release of 100 million barrels offers no easy fix. The IEA expects the crunch to extend into mid-2027, as gasoil supply falls short of demand and inventories are unlikely to be rebuilt before the second half of 2027. Global diesel exports fell 700,000 bpd in September from a year earlier, and diesel accounts for 25% of the expected 2.6 million bpd drop in global oil demand this year. Diesel prices have eased from September's peak above $200 a barrel but remain nearly double crude prices.

The rupee gained 9 paise to 94.80 against the US dollar in early trade on Monday, supported by the Reserve Bank of India's structural forex interventions, with forex traders calling it the sharpest rally in seven months. The biggest threat is Brent crude, which has surged near USD 110 a barrel and was trading at USD 107.79 after a 1.88 per cent drop amid attacks on commercial vessels near the Strait of Hormuz. High crude prices, rising US Treasury yields and steady foreign capital outflows have pushed the RBI to step up intervention. Domestically, the Sensex fell 470.50 points to 74,318 and the Nifty dropped 147.10 points to 22,999.05, while FIIs bought equities worth Rs 1,165.92 crore on Friday. India's forex reserves fell USD 8.578 billion to USD 726.027 billion in the week ended October 9.

At 9.15am, the FBM KLCI had eased 8.42 points, or 0.52%, to 1,599.34 from Friday's close of 1,607.76. Decliners outnumbered advancers 423 to 103. Apex Securities expects the index to stay cautious in the near term, citing persistent foreign selling, global uncertainty, the recent sell-off in US tech and AI stocks, elevated oil prices and inflation, ahead of the US Federal Reserve's October 29 policy decision. Domestically, investors will watch Malaysia's third-quarter 2026 GDP growth of 5.3% and rising operating costs, especially for labour-intensive businesses.

Asian shares fell on Monday, October 19, as worries about AI's huge funding needs weighed ahead of a busy earnings week, while the euro eased after rioting in France. Oil prices dropped after Trump waived some Russia sanctions, though he later said no final decision had been made, with Brent down 1.6% to US$108.06 a barrel; Iran also reported another tanker hit a mine in the Strait of Hormuz. Tech weakness hit Asia, with Japan's Nikkei down 2.0% and South Korea down 1.6%, after the PHLX Semiconductor Index shed 11.4% last week, its longest losing streak since 2008. Goldman Sachs estimates five AI hyperscalers will lift capital spending to about US$1.2 trillion next year, while AMP economist My Bui warned that rising yields raise financing costs. Gold rose 0.4% to US$4,181 an ounce as yields fell.

HSBC Mutual Fund said Indian equities saw a broad-based correction in September amid higher crude prices, Middle East tensions and tighter monetary policy in major economies. The Nifty 50 fell 6%, the Nifty Midcap 150 dropped 7.1% and the Nifty Smallcap 250 fell 3.1%. Foreign institutional investors pulled USD 4.1 billion in September, taking their 2026 net selling to USD 28.3 billion, while domestic institutions bought USD 8.1 billion. The fund expects corporate earnings to drive returns but flags higher global bond yields and commodity prices as risks, and sees the RBI's repo rate, raised to 5.50% on October 7, possibly reaching 6% if inflation worsens. The Nifty 50 trades at 17 times one-year forward earnings, about 13% below its five-year average valuation.

Japanese stocks fell sharply on Monday, reversing part of the previous session's gains after weak cues from Wall Street. The Nikkei 225 dropped 900.46 points (1.38%) to 64,423.83 after touching a low of 63,831.78, led by heavyweights and technology stocks, with Taiyo Yuden plunging more than 7% and SoftBank down more than 4%. On Wall Street, the Nasdaq fell 572.99 points (2.1%) to 26,140.03, the S&P 500 lost 84.62 points (1.1%) to 7,659.44, and the Dow slipped 175.28 points (0.3%) to 52,002.41. European markets rose, with Germany's DAX up 1%, the FTSE 100 up 0.4% and the CAC 40 up 0.3%. WTI crude for November delivery rose $3.33 (3.4%) to $101.30 a barrel, topping $100 for the first time in a month as Iran re-escalated attacks in the Strait of Hormuz.

The BSE Sensex opened at 74,594.65, down 134.62 points (0.18%), and the NSE Nifty 50 at 23,096.85, down 49.30 points (0.21%), after last week's rally delivered the strongest weekly performance in about six months. Investors are watching September-quarter results from HDFC Bank, which narrowly missed estimates on weaker treasury income and higher bad-loan provisions, and ICICI Bank, which beat expectations on loan growth and lower provisions. Brent crude is trading near $108 a barrel, after easing from $110 on Friday, keeping pressure on sentiment. Foreign investors turned net buyers, purchasing shares worth ₹11.66 billion ($122.79 million) after 15 consecutive sessions of selling, while domestic institutions were net sellers of ₹36.61 billion. Analyst Hariselvan Radhakrishnan of HST Wealth said a positive reaction to private banks could help the market absorb higher oil prices, with Nifty facing immediate resistance at 23,150.

Global markets rallied on Monday as stronger-than-expected China data and lower oil prices revived risk appetite. Bitcoin traded near $82,500, Nasdaq futures rose more than 1%, Japan's Nikkei gained 1.8% and South Korea's Kospi 0.6%, rebounding from last week's AI-related tech losses. China's GDP grew 4.5% year on year in the third quarter, faster than 4.3% in the second quarter, and retail sales rose 1.1%, above the 0.5% expected. Oil fell on both sides of the Atlantic, gold was little changed near $4,180, and the Federal Reserve is expected to hold rates in the 4.75% to 5% range this month.

Asian stock markets fell on Monday as worries over the cost and returns of AI investment outweighed stronger-than-expected Chinese data and lower oil prices. Japan's Nikkei dropped 1.2% after losing 5.4% last week, South Korean shares slipped 0.4% after a weekly decline of over 14%, and Taiwan fell 1.4%. China's third-quarter GDP grew 4.5%, slightly above expectations, while the yuan strengthened to 6.6828 per dollar. Brent crude fell 1.7% to $107.95 a barrel after Trump waived certain Russia sanctions, though Iran reported another tanker hitting a mine in the Strait of Hormuz. Gold gained 0.4% to $4,181 an ounce as falling bond yields boosted demand, while Goldman Sachs estimates five major AI hyperscalers could raise combined capital expenditure to about $1.2 trillion next year.

Asian share markets turned cautious on Monday as investors questioned whether AI's enormous funding needs are sustainable, ahead of a busy week of earnings announcements. The euro came under pressure after riots across France, while a drop in oil prices eased pressure on bond markets and US stock futures. The oil price fall followed Donald Trump's decision to waive certain sanctions on Russia, but his later remark that a final decision was still pending left investors uncertain about the direction of US policy.

Russian Deputy Prime Minister Alexander Novak said Russia expects to deliver 39 billion cubic meters of gas to China via the Power of Siberia pipeline this year, more than the main contract, and the two sides agreed to raise supply to 44 billion cubic meters. He said the first Russian oil tanker bound for world markets, linked to a diesel-related deal with the US, had left the Arctic port of Dikson, and that Moscow faces no problems selling oil. Novak said the market is short 4-6 million barrels per day, keeping prices high and potentially pushing them higher if the Strait of Hormuz situation does not improve. He added that if Persian Gulf supply resumes, the market could rebalance within one to one-and-a-half years, while strategic oil reserves are nearly exhausted.

Hungarian Prime Minister Peter Magyar expects U.S. President Donald Trump to keep extending Budapest's exemption from U.S. sanctions on Russian energy, after Trump eased curbs on Russian diesel exports to lower fuel prices before the Nov. 3 midterm elections. The deal drew criticism in the EU, with Italian PM Giorgia Meloni calling it a ‘very risky’ gamble, while Bulgarian PM Rumen Radev backed it. Moscow pledged 300,000 tons of diesel immediately and another 500,000 tons next month. Hungary, which relies on Russia for about 90% of its crude oil according to S&P Global data for 2025, is exempt until November, and Magyar argued that not extending the exemption for at least another year would be unreasonable. Ukraine opposed the deal, with President Zelensky calling it ‘weak’.

Brent crude is trading near $110 a barrel and U.S. crude near $100, up about 80% and more than 70% respectively since the start of the year. William Blair analyst Neal Dingmann warns of a possible “super spike,” as tanker attacks linked to Iran and record shipping costs tighten physical supply. The U.S. Strategic Petroleum Reserve is at its lowest since 1982, limiting the effect of releases, while heating oil futures have more than doubled this year. Goldman Sachs raised its December Brent forecast to $90 a barrel but sees a possible $125 if oil infrastructure is destroyed or geopolitical risk premiums stay high. Meanwhile, many U.S. producers posted record free cash flow in the second quarter.

A UNDP report, 'No Time to Recover', warns that developing economies face compounding crises from the Middle East conflict, rising energy prices, an El Niño expected to be the strongest on record, and interest rates at multi-decade highs, all while fiscal buffers are depleted. UNDP administrator Alexander De Croo said the cost of bond financing for developing countries is 9%, 'really, really high', and sees no light at the end of the tunnel for fuel prices, El Niño or bond markets. The World Bank says poverty in the MENAAP region remains above pre-pandemic levels, with Pakistan accounting for nearly half of the region's extreme poor. The IMF warned the global economy 'could soon test the limits of resilience' as emergency oil stocks run low and high debt leaves governments with little room to protect consumers from future price jumps.

On October 9, Trump reached a diesel deal with Russian President Putin, aimed at easing fuel prices for American consumers and possibly softening Russia's stance in peace talks. The deal followed weeks of Trump pressing Ukraine to stop attacking Russian refineries, which strained his relationship with President Zelensky. The US warned that continued strikes could lead to suspension of intelligence sharing and the NATO-managed PURL weapons mechanism, while Ukrainian drones in many cases could not operate above 160 km/h because of Starshield disruptions. US envoys also proposed releasing part of the 300 billion euros of Russian sovereign assets held at Euroclear, a plan European backers of Ukraine flatly rejected. Zelensky then travelled to Brussels seeking EU support, but Ukraine's request for a bigger budget met opposition from the EU.

From October 16, gold purchases and sales of 5 million VND or more in a day must be paid by non-cash means, down from the previous 20 million VND threshold. Ten companies go ex-dividend in the week of October 19–23, with Vimico standing out for an advance dividend of about 900 billion VND. Brent crude spiked to 110 USD per barrel during the October 16 session amid escalating tensions in the Middle East. Deputy Prime Minister Nguyễn Văn Thắng asked banks to cut lending rates by 1.5–2%, while residents' deposits at banks reached over 11.43 million billion VND by end-August, up 10.6% from the start of the year.

Turkish Energy Minister Alparslan Bayraktar said Turkey will buy part of the diesel Russia exports under a deal between Moscow and U.S. President Donald Trump, but gave no volume, delivery timing or commercial terms. The deal has drawn opposition from Ukrainian President Volodymyr Zelensky, some European officials and Republican lawmakers, who fear it will help Russia recover energy revenue while the Russia-Ukraine conflict continues. Turkey relies heavily on energy imports and aims to boost output at the Black Sea Sakarya field, where the first floating production unit, Osman Gazi, was brought to the Black Sea on 17 October and is expected to raise output from about 9.5 million m³ to 20 million m³ per day. A second, larger unit is planned for Q1 2028, adding about 25 million m³ per day and lifting Sakarya output to 45 million m³ per day, or about 16.4 billion m³ a year, enough to meet the needs of about 3/4 of households. Turkey consumed about 59 billion m³ of gas last year but produced only 3.1 billion m³ domestically, roughly 5% of demand.

Crude oil prices hovered near recent highs on Sunday as traders weighed Ukraine's strikes on Russian oil facilities and more tanker attacks in the Persian Gulf. Brent fell $1.04 to $108.82 a barrel, while U.S. West Texas Intermediate lost 26 cents to $101.15. Fires broke out at an oil terminal and depot in St. Petersburg after a massive Ukrainian drone attack; the terminal exports about 120,000 barrels per day of refined products, but the extent of the damage is unclear. Ukraine had briefly paused energy strikes after Trump announced a truce on Oct. 11, but Russia kept hitting Ukrainian energy infrastructure, so Zelenskyy said Kyiv would resume strikes on Russian facilities. Two tankers were also attacked off Saudi Arabia on Friday, according to UKMTO, amid Iran's escalating attacks on tankers aimed at choking off regional crude exports.

US stock futures rose and oil edged lower as traders prepared for a busy earnings week, with more than 70 S&P 500 companies reporting, including Tesla and Meta. The S&P 500 fell 1.1% on Friday, its worst week since June, while the VIX jumped to a four-month high as tech shares slumped. Brent crude fell 0.7% to near $110 a barrel, adding to inflation worries and complicating the outlook for interest rates ahead of the Federal Reserve's Oct. 28 decision. Investors are watching whether heavy AI infrastructure spending will deliver adequate returns, while geopolitical risks rise amid strained US-Ukraine relations. Analysts describe a period of heightened uncertainty, with Asia especially exposed to chips, higher yields and energy prices.

Australian Treasurer Jim Chalmers attended the IMF-World Bank meetings and the G20 finance ministers' gathering in Bangkok while facing domestic political pressure. The Nine papers report growing concern within the Reserve Bank of Australia that fallout from the Iran war will keep inflation high and push interest rates higher.

The article argues that Saudi Arabia's security is a strategic concern for the global economy, as attacks on airports and oil refineries threaten energy supplies worldwide. On October 10, a Houthi missile reportedly struck King Khalid International Airport in Riyadh, killing 13 people and injuring more than 300. With the Strait of Hormuz disrupted during the Iran war, the East-West Pipeline became a key alternative route, carrying about 4 million barrels per day before drone attacks forced its temporary closure in September. The piece says geopolitical risk pushed Brent above $100 per barrel, burdening consumers and airlines, and it cites Greece's Patriot deployment as a model for partner contributions, calling for a broader, shared defense effort.

A new calculator from the Get the Facts Data Team shows how many gallons a given amount of money buys at the pump, based on the EIA's monthly national average price for regular gasoline. Regular gasoline averaged $4.36 in September, and the gasoline index was up 34.2% year over year. The BLS reported that gasoline rose 9.1% in September, accounting for over half of the month's overall increase, and overall inflation reached 3.7% year over year as the ongoing U.S. war with Iran keeps oil prices elevated.

Treasury Secretary Scott Bessent told NBC's Meet The Press that energy prices would fall once the Iran conflict ends, but he did not say when hostilities would stop. Inflation reached 3.7% in September, a five-month high driven by energy and gas prices, while food was flat, prescription drug prices fell and median rents were 0.4% lower year on year, according to Apartment List. The national average gas price was about $4.30 per gallon as of October 18, versus about $2.98 at the start of the Iran war. Bessent defended the administration's waiver of Russian sanctions, citing sanctions on Rosneft and Lukoil, and called Zelensky's claim that the U.S. restricted Ukraine's Starshield access 'reckless' and untrue. Asked whether the U.S. considers Ukraine an ally, he avoided a direct answer and said such matters belong to the president or the secretary of state.

Egypt said on Sunday, October 18, that it is ready to give Saudi Arabia all necessary support to defend its security and stability, as Iran-aligned Houthis step up attacks on the world’s largest oil exporter. President Abdel Fattah al-Sisi asked for an urgent parliament session to authorise the military to help defend Saudi Arabia should the kingdom request it, though the vote was expected to continue on Monday. The Houthis have recently attacked Riyadh’s international airport and Saudi Aramco, amid renewed fighting with Saudi-backed government forces after a truce collapsed. Egypt and Saudi Arabia are close strategic and economic partners, and Egypt joined the Saudi-led coalition in Yemen in 2015 but played only a limited combat role.

Egypt's presidency said it will give Saudi Arabia all necessary support to defend its security, stability, resources and Islamic holy sites as Iran-aligned Houthis step up attacks on the world's largest oil exporter. President Sisi requested an urgent parliament session to authorise military help should Riyadh ask, and a Sunday vote was expected to continue into Monday. The Houthis recently attacked Riyadh's international airport and Saudi Aramco after a truce collapsed and fighting with Saudi-backed government forces resumed. Egypt and Saudi Arabia are close strategic and economic partners, and Egypt previously played a limited combat role in the Saudi-led coalition in Yemen.

Egypt's presidency said it is ready to provide Saudi Arabia with all necessary support to defend its security, stability, resources, territorial integrity and Islamic holy sites, as Iran-aligned Houthis intensify attacks on the world's largest oil exporter. President Abdel Fattah al-Sisi asked for an urgent parliamentary session to authorise military support should Saudi Arabia request it, and the expected Sunday vote was set to continue on Monday. The Houthis recently struck Riyadh's international airport and Saudi Aramco amid renewed fighting after a truce collapsed. Egypt and Saudi Arabia are close strategic and economic partners, and Egypt had previously joined the Saudi-led coalition in Yemen with a limited combat role.

The US Treasury cited Treasury Secretary Scott Bessent's view that the current price surge is an energy shock tied to the Iran conflict and that prices will fall after the conflict ends. The Bureau of Labor Statistics reported consumer prices rose 0.6% in September and 3.7% over 12 months, with energy up 20.4% and gasoline up 34.2% from a year earlier, while grocery prices fell 0.1% for the month. Core CPI rose 2.6% over the year, up from 2.4% in August, and rent rose 2.8%, so the article notes the data do not support claims that core inflation or rents are falling. Brent crude settled at $109.86 a barrel on October 16, and freight costs for one planned US-to-Japan tanker voyage equaled $40.50 per barrel. Agricultural commodity prices rose 13% in the third quarter, and the International Fund for Agricultural Development warned that disrupted fertilizer and transport could push food prices higher.