Iraqi officials reported a significant rebound in crude exports for October
Iraqi Foreign Minister Fuad Hussein said that Baghdad has reached a deal with the US to ship oil via an Oman lane near the contested Strait of Hormuz.
Hussein said disruptions caused by the war and export restrictions have cost Iraq around $60 billion so far.
Meanwhile, Iraq’s oil exports showed signs of recovery in October, with daily shipments climbing to approximately 3.5 million barrels.
The conflict continues to threaten energy infrastructure across the region. Yemen’s Houthi rebels claimed responsibility for a Sunday attack targeting Saudi oil giant Aramco’s offices in Riyadh.
However, hopes of easing tensions emerged after US President Donald Trump said further military strikes against Iran were highly unlikely as peace negotiations continued. His comments pushed global oil prices lower on Monday. Brent crude fell to $97.48 per barrel, while West Texas Intermediate dropped to $90.51.
Trump’s stance comes as Democrats won the midterms amid public frustration over the ongoing war in Iran.