- Brent crude fell about 1% to $103 per barrel on Friday after Trump paused US attacks on Iran.
- Trump pledged no attacks on Iran before the US midterm elections on November 3, while the blockade of Iran remains in force.
- Oil flows through the Strait of Hormuz reached record levels, with 22 million barrels moving through the strait overnight, according to Trump.
- China restarted fuel exports, a second factor pressuring crude prices lower.
- Petronas will raise its dividend payout to the Malaysian government by 19% next year as higher energy prices lift profitability.
- Indonesia ordered ministries to cut unspent travel allocations by 30% as higher oil prices and costly programs strain the budget.
Quotes
“We are having productive discussions with the Islamic Republic of Iran.”
“we will not be attacking Iran at any time prior to the Midterm Elections to be held in the United States on November 3rd.”