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Monday, 2 November 2026

Oil eases on talk of Iran peace, a day before Americans vote

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Fuel from the Iran war: dear, but easing High ↓ · Day 13
High↓
Seen in 4 of the 12 beats
  • Finance

    Brent, the world's main oil price, fell 3.3% to $109.66 a barrel on Monday as Iran and Qatar held talks. In the Philippines, dear fuel has pushed inflation back to 7.2%.

  • Food

    US diesel averages about $5.60 a gallon at harvest, against about $3.70 a year ago. Pakistan's rice exporters faced much higher freight and insurance costs because of the Gulf war.

  • Climate

    France is selling diesel it stored before the war, and Leclerc, a supermarket chain, cut 21 cents a litre. A US-backed group proposed Pakistan's first gas storage, at a port outside the Strait of Hormuz.

  • World

    Iran floated a two-day plan to reopen the Strait of Hormuz. More than 120 commercial ships have been hit in the Gulf region since the war began.

What is going on

Oil came down on talk of peace, but diesel still costs farmers far more than a year ago, and Reliance, an Indian refiner, made a record profit from dear fuel. Countries that buy fuel are now drawing on stores, or planning new ones away from the Strait of Hormuz.

Where it is heading

The next test is Tuesday's US election, after which US papers report Washington may strike Iran again.

Ebola and war keeping travellers out Building ↑
Building↑
Seen in 2 of the 12 beats
  • Biotech

    Ebola has killed more than 5,000 people in Congo since May and has reached Kenya, Nigeria and Uganda. From 3 November every air traveller to the US must sign a form saying whether they were in Congo in the past 21 days.

  • Sports

    Saint Kitts and Nevis turned away Asa Tribe, an England cricketer, after he played in Kenya, which has Ebola. Yamaha pulled its team out of next weekend's MotoGP race in Qatar over the Iran war.

What is going on

Governments are now checking where travellers have been, and athletes on tour meet the checks first. The group for big US airlines called the form unworkable: about 130 million air passengers were screened in 2025, and fewer than 25,000 had a link to Congo.

Where it is heading

The next date is 3 November, when the US form becomes compulsory for every air traveller.

Tuesday's US vote and the money riding on it High ↑ · Day 2
High↑
Seen in 4 of the 12 beats
  • World

    More than 52 million votes were cast before Tuesday's election, and polls lean Democratic.

  • Food

    The Trump administration has promised US farmers $15 billion in the weeks before the election. More than half is an $8 billion one-time payment for soaring diesel costs.

  • Money

    Social Security could cut pensions by 22% in 2032 unless Congress acts first. Candidates in only nine close Senate races have said what they would do.

  • Finance

    California votes on a one-time 5% tax on billionaires' wealth. Florida votes on raising a homeowners' tax break from $25,000 to $250,000 by 2028.

What is going on

Farmers have been promised $15 billion before the vote, and state ballots decide who pays some taxes. Retirees face the Social Security gap in 2032, and most Senate candidates in close races have not said how they would close it.

Where it is heading

The next test is Tuesday, 3 November, when Americans finish voting.

Public money propping up home industries Building ↑
Building↑
Seen in 2 of the 12 beats
  • Finance

    A Chinese state bank is readying up to 200bn yuan of new lending for state funds to buy shares, after China's worst month for shares in more than a decade.

  • Tech

    South Korea's record budget nearly doubles spending on AI chips, AI-run machines and AI data centres, to 21.3 trillion won. It puts 4.7 trillion won into a national AI model.

What is going on

Public money is going where private buyers fell short: into China's falling shares and South Korea's AI chips. Taxpayers pay for both, while Samsung and SK Hynix, Korea's two chip makers, already earn record sums from AI.

Where it is heading

The next test is whether China's shares stop falling once the state funds begin to buy.

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