Brent has fallen 20% since the end of October to around $94 a barrel, while Gulf energy producers face higher costs and risks amid continued attacks and disruption. The columnist says those costs could help put a floor under oil prices.
Brent has fallen 20% since the end of October to around $94 a barrel as investors wait for the next move in the war with Iran. The columnist writes that the decline may signal expectations of de-escalation, but conditions in the Gulf remain unsettled.
Tankers are still ablaze, oil spills are washing ashore, and drones and missiles continue to strike infrastructure across the Gulf region. Gulf energy producers face costlier and riskier operations even without a return to full-scale fighting, which could help put a floor under oil prices.
At COP31, delegates are debating how quickly the world can electrify, testing European governments' climate resolve and voters' appetite for the energy transition. Separately, OPEC+ crude production jumped in October, led by Saudi Arabia; a preliminary agreement would let ExxonMobil evaluate seven development areas in Venezuela.
