Oil prices dip, but shipping and security risks persist in the Gulf

Oil prices are falling on hopes of diplomacy, while Washington weighs its next move after Republican midterm election losses.
Regional flight disruptions persist.
The key word is uncertainty: lower oil prices do not mean shipping has normalised, and a suspension’s previously announced end date does not guarantee flights will resume.
Get it: Fast, verified news for FREE ... download the Gulf News app — simply click here
Dubai’s winter flight schedule is expanding, with British Airways resuming London–Dubai flights on November 3, followed by Lufthansa, SWISS and Eurowings on November 25 and Austrian Airlines on December 12.
Philippine Airlines, Air Astana and Aegean Airlines have already restored services. UAE airport seat capacity reached 7.2 million in October, up 23 per cent from June.
However, regional tensions continue to disrupt operations, with Etihad, Emirates, flydubai and Air Arabia reporting cancellations and delays across UAE airports.
The most important change for passengers is that Etihad’s Riyadh and Dammam suspensions now extend beyond the previously reported Nov. 5 deadline.
Gulf News aviation update reports:
Abu Dhabi–Riyadh and Abu Dhabi–Dammam: All passenger and cargo flights remain cancelled through Nov. 19.
Abu Dhabi–Jeddah: Selected services—EY601, EY602, EY603 and EY604—are scheduled to resume Nov. 6. Other Jeddah services are reported to operate as scheduled. These remain plans, subject to operational changes.
Iranian airlines: Services to and from the UAE, including Iran Airtour flights serving Dubai, remain suspended until further notice.
Tel Aviv: Emirates–flydubai codeshare services remain suspended. This should not be read as a blanket suspension of every UAE–Tel Aviv service.
There are reported cancellations on selected Emirates Saudi services and disruptions affecting flydubai and Air Arabia.
For residents: Check the airline’s app or official flight-status page before leaving home, confirm connecting flights separately, and ask about rebooking or refund options if affected. Schedules can change at short notice.
UAE presidential adviser Anwar Gargash said the country wants diplomacy but is “braced for the worst”. The report also described strengthened Gulf defences and warnings from some Arab states that attacks on their infrastructure could trigger individual or collective retaliation.
Regional risks remain concentrated around military and energy infrastructure, Saudi destinations and maritime routes. Houthi claims of attacks on Saudi airports and military sites continue. Several claims lacked Saudi or independent confirmation.
For residents: Follow official UAE announcements rather than circulating unverified attack footage or social-media warnings. Keep passports, booking details and emergency contacts readily accessible. There is no new UAE-wide evacuation instruction or blanket airport closure for Nov. 5.
Oil extended its retreat Thursday as investors priced in a greater chance of negotiations rather than immediate renewed strikes. Gulf News reported the following prices at 9:59 am Beijing time—5:59 a.m. UAE time—on Nov. 5.
The decline has been attributed to hopes that Trump would pursue diplomacy after Republican election losses, alongside Qatar’s mediation efforts.
It shows markets are reducing the extra premium charged for feared future disruption, but physical restrictions around Hormuz remain. Prices remain above pre-war levels despite the sell-off.
For residents and businesses: Falling crude is an encouraging signal, not proof that freight costs or imported-goods prices have normalised. War-risk insurance and shipping expenses can still affect imports. Businesses should review delivery schedules, insurance cover and supply-chain exposure.
Gulf News’ Nov. 4 briefing, citing the UK Maritime Trade Operations agency, reported that a tanker was struck by two unidentified projectiles approximately 14 nautical miles northeast of Oman, on Tuesday (Nov. 3).
The engine room was hit, but no casualties or environmental damage were reported. The notice did not identify the attackers.
The report also cited tracking data showing only five commodity vessels passing through Hormuz on Saturday and none on Sunday, compared with more than 130 daily transits pre-war.
For UAE importers, exporters and seafarers, the practical issue remains whether vessels can transit reliably and obtain insurance, rather than whether oil futures have fallen for a few sessions.
Trump’s choice: Renewed strikes, a deal or continued economic pressure
Axios reported that Trump is weighing three broad options after Republican midterm losses: resume military strikes, negotiate an agreement, or maintain the naval blockade and economic pressure campaign, according to Iran International’s account. No final choice was reported, per Iran International.
The report describes competing approaches within the administration:
Vice President JD Vance favours reaching an agreement with Tehran rather than restarting major operations.
CIA Director John Ratcliffe, Treasury Secretary Scott Bessent and other advisers favour maintaining economic and naval pressure.
US military officials said preparations for possible major combat operations were being completed, while Qatari mediators pursued a draft agreement intended to prevent renewed fighting and potentially restart direct talks.
Axios also reported that Israeli Prime Minister Benjamin Netanyahu had urged strikes before the midterms. Preparations and advocacy, however, are not the same as a presidential order to attack.
For UAE residents, this explains why diplomatic optimism and military risk coexist: talks can advance while forces remain positioned for escalation.
South Korea plans to expand its Cheonghae anti-piracy mission from the Gulf of Aden into waters south of Oman, according to Yonhap reporting carried by Iran International. Proposed additions include a P-8A maritime patrol aircraft, an explosive ordnance disposal team, unmanned mine-clearing systems and 75 personnel, bringing the unit to 395.
Officials described the proposed mission as non-combat and independent of allied forces. The aircraft would be barred from monitoring or targeting Iranian territory, territorial waters or the interior of the Strait of Hormuz.
Cabinet endorsement is expected to be sought next week before parliamentary approval.
CBS reported that Trump has asked advisers whether Defense Secretary Pete Hegseth should remain in office following Republican election losses, according to Iran International. Sources said no replacement decision had been made. Trump publicly defended Hegseth, saying he was “doing a very good job,” while the Pentagon rejected the criticism.
For Gulf residents, these developments are relevant to Washington’s decision-making, but do not themselves establish a change in military policy.
US VP Vance attributed Republican losses to the conflict, writing: “The reason we lost is the war.” Former George W. Bush press secretary Ari Fleischer argued the opposite: “The problem was not the Iran War. It was the ceasefire.”
Fleischer advocated continuing the campaign until Iran’s leadership fell. The disagreement shows that election pressure is producing competing demands for negotiations and escalation — not a single agreed path out of the conflict.
Flight decisions: Watch whether Etihad’s selected Jeddah services restart Nov. 6 and whether further Saudi-route changes are announced. Confirm each booking directly; the reported Riyadh and Dammam suspension now runs through Nov. 19.
Qatar-mediated talks: The next substantive development would be confirmed acceptance of a draft framework or direct negotiations. No final agreement is established in the retrieved reporting.
Military orders versus preparations: Distinguish troop movements and contingency planning from a confirmed decision to resume major strikes.
Hormuz access: Shipping advisories, actual vessel movements and insurance conditions will show whether diplomatic optimism is translating into safer commerce.
Washington’s personnel and congressional battles: Watch for a formal Hegseth announcement or an actual impeachment proceeding, rather than treating speculation as settled policy.
South Korea’s approvals: Cabinet and parliamentary decisions will determine whether the proposed expanded naval mission proceeds.
Reporting note: This Gulf News briefing includes latest aviation and resident-advisory reports as of Nov. 4/early Nov. 5; oil figures below are from early Nov. 5. The developments were gathered from Axios, Yonhap, CBS and CNN reporting and Iran International.
Sign up for the Daily Briefing
Get the latest news and updates straight to your inbox
Network Links
GN StoreDownload our app
© Al Nisr Publishing LLC 2026. All rights reserved.