US Iran War Live News Updates: Saudi Arabia cuts Arab light crude oil OSP for Asia for November

Saudi Arabia has set the November Arab Light crude oil official selling price to Asia at $5 a barrel below the Oman/Dubai average.

Saudi Arabia has cut the November price of its Arab Light crude for Asia by $3 a barrel, to $5 below the Oman/Dubai average, Reuters said. The cut came a day after OPEC+ agreed to hold output steady. Tension in the Gulf remains high, with tanker attacks off Oman and Yemen, new military operations in Yemen and a stand-off between the US and Iran.

What the price cut means : Saudi term supplies to Asia are priced against the Oman/Dubai average, so the cut applies to every grade sold there. Light grades are down $3, while medium and heavy grades are down $5. This lowers the starting price for Asian refiners buying Saudi oil. Prices for other regions moved differently. Arab Light for Northwest Europe was set at plus $0.85 against ICE Brent, up $3 from October. The US price was unchanged at plus $4.60 against ASCI.

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The gain for buyers may not last. Attacks on tankers can push up shipping and insurance costs, and the Iran war could move oil prices whatever Saudi Arabia charges.

Key world developments

• Yemen: Rashad al-Alimi, head of Yemen’s governing body, has announced military operations to retake the remaining land held by the Houthis. The Yemeni army says more than 1,500 Houthi fighters were killed or hurt in the past 24 hours.
• Iran talks: Iran’s top negotiator said the time of “wasting time and dictating demands is over”. He said the United States must meet seven conditions agreed in the June Islamabad deal.
• Trump on Iran: Donald Trump has signalled a decision is coming, saying “the only question is … the easy way or the hard way”.
• Tanker attacks: The UK Maritime Trade Operations agency said another crude oil tanker was attacked off Oman, the third ship attack in the area in two days.
• Iran news: Iran’s state media said the oil minister has resigned. IRNA said an explosion was heard near Qeshm Island. Separately, Iranian airlines have resumed flights to an Iraqi holy city after a US exemption.

Follow the latest world news and major international developments here, including the latest on the US-Iran war and talks over the Strait of Hormuz. This live blog is a rolling curation of the day’s key global stories, with updates added as events unfold and the news agenda changes. The headline, introduction and Top Developments section will be refreshed throughout the day to reflect the stories that matter most at that moment.

Live Updates
Oct 5, 2026 05:15 AM IST
Iran reviewing US response to diplomatic proposal presented at UN: Gharibabadi

Iran is currently assessing a response from the United States regarding a diplomatic proposal put forward during United Nations meetings in New York City, ANI reported.

The proposal, originally outlined by Iranian Foreign Minister Abbas Araghchi, was conveyed to Washington through diplomatic intermediaries in an effort to address ongoing regional tensions.

Confirming the latest development, Iranian Deputy Foreign Minister Kazem Gharibabadi stated that Tehran is evaluating the terms delivered by the third-party channels, Al Jazeera reported.

Oct 5, 2026 05:14 AM IST
Iran airlines resume flights to Iraqi holy city after US exemption

Iranian airlines resumed flights to Iraq's Najaf on Sunday after the United States granted Baghdad an exemption allowing sanctioned Iranian carriers to operate to the city holy to some Muslims, an AFP correspondent said.

Najaf airport official Hussein Muhanna told AFP that "flights between Iraq and the Islamic Republic of Iran have resumed via Najaf International Airport."

Oct 5, 2026 05:04 AM IST
US Air Force removes all bombers from British air base targeted by a suspected terror attack

The US Air Force has flown its bombers home from RAF Fairford in England, the base used for strikes on Iran, after an investigation into a planned terror attack on the site, the Associated Press (AP) reported.

A Pentagon official, who was not allowed to discuss sensitive military moves and spoke on Sunday on condition of anonymity, said the bombers have returned to their home bases in the United States.

Aviation watchers, including the Military Air Tracking Alliance, say dozens of B-52 and B-1 bombers have flown from Fairford since the first days of the Iran war. Observers saw a number of B-1s leave the base on Sunday.

The move comes as President Donald Trump weighs his options on Iran, including fresh strikes. He first told Americans the campaign would last only weeks.

Oct 5, 2026 05:02 AM IST
No military solution to the US’s war, says Iran’s FM

Iran’s FM Araghchi said there would be no military solution to the US’s war.

“If our enemies again choose the path of military confrontation, our response will be stronger than before and we will defend ourselves with even more force,” he said at a gathering of foreign ambassadors.

“There is no military solution, nor any solution based on new sanctions,” he continued, adding, “only negotiations based on justice and fairness” could end the conflict.

Oct 5, 2026 05:01 AM IST
Kuwait condemns Israeli violations in Syria

Kuwait’s Foreign Ministry has expressed the country’ “strong condemnation and denunciation of the ongoing violations perpetrated by the Israeli occupation in the territories of the fraternal Arab Republic of Syria”.

It added that the latest violation “was the completion of work on what is known as the Sofa 53 Line”.

Oct 5, 2026 05:00 AM IST
Iran oil minister resigns: state media

Iran's oil minister Mohsen Paknejad has resigned, the president's office said in a statement on Sunday, as the country faces long queues at petrol stations due to the impact of the Middle East war.

"Following the acceptance of Mohsen Paknejad's resignation, Hamid Bovard", the CEO of the National Iranian Oil Company, "has been appointed as acting Minister of Oil by a decree from the president", said the statement carried by state broadcaster IRIB, according to AFP.

Oct 5, 2026 04:59 AM IST
Explosion sound heard near Qeshm Island: IRNA

The sound of an explosion was heard from the direction of the sea near Qeshm Island in southern Iran, state news agency IRNA reported Sunday.

IRNA said no impact had been reported on the island itself.

Oct 5, 2026 04:58 AM IST
Multiple explosions seen near vessel off Yemen: UKMTO

The United Kingdom Maritime Trade Operations (UKMTO) said it received a report on Sunday of an incident 60 nautical miles south of Al Mukha, Yemen, where a tanker sighted multiple explosions in close proximity to the vessel.

The crew was reported safe and no environmental impact was reported, UKMTO added.

Oct 5, 2026 04:58 AM IST
Passengers disembark from an Iranian aircraft after Iranian airlines resumed

Passengers disembark from an Iranian aircraft after Iranian airlines resumed service to Najaf International Airport in Najaf, Iraq. (Photo: AP)

Oct 5, 2026 04:56 AM IST
Saudi Arabia cuts Arab light crude oil OSP for Asia for November

Saudi Arabia has cut the November price of its Arab Light crude for Asia by $3 a barrel, to $5 below the Oman/Dubai average, a pricing document showed on Monday, according to Reuters. State oil company Saudi Aramco also set prices for Europe and the United States, while OPEC+ agreed on Sunday to keep output targets steady for November.

Asia: Arab Light is now $5 below the Oman/Dubai average. Light grades fall by $3, while medium and heavy grades fall by $5.
Europe and US: Arab Light for Northwest Europe is set at plus $0.85 against ICE Brent, up $3 from October. For the US it is plus $4.60 against ASCI, unchanged.
OPEC+: Saudi Arabia and other members kept November production targets steady. Reuters said further changes are unlikely until next year.

Oct 5, 2026 04:53 AM IST
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