Oil prices dip as Strait of Hormuz remains a focal point in the crisis

As Day 240 of US-Israel war with Iran came on Monday (Oct. 26), tensions across the Middle East stayed.
US President Donald Trump renewed warnings that a nuclear-armed Iran would bring “death problems,” while leaving room for a deal.
Iranian Foreign Minister Abbas Araghchi, meanwhile, said Hormuz’s management will not return to pre-war norms, while Netanyahu warns of attacks aimed at disrupting Tuesday’s Israeli elections.
Saudi Arabia said it intercepted a Houthi ballistic missile fired toward Riyadh, a day after explosions rattled the capital and residents received hostile-aerial-threat alerts.
The Houthis say they targeted the city’s airport, whose shutdown has already disrupted regional travel.
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Following are the latest reports:
Trump said late on Sunday (Oct. 25) there would be no US strike on Iran, but warned fresh military action could be "possible" while suggesting a deal remains within reach.
Iran’s Foreign warned that renewed conflict would not change Tehran’s policies.
Iran’s ambassador to Pakistan said Tehran is open to talks under a Pakistan-brokered interim agreement from June and would reopen the Strait of Hormuz if Washington lifted its naval blockade.
The two sides remain at odds over a wider settlement.
Ras Al Khaimah closed all beaches until further notice on Saturday, after an offshore leak prompted closures in Umm Al Quwain and Sharjah.
The environment ministry says odors reported in Sharjah, Ajman and Umm Al Quwain pose no health risks.
International maritime agencies say the leaking tanker, the Gem No. 2, was struck in a suspected Iranian drone attack on Oct. 9-10.
Brent slid 1.80% to $114.6, down $2.10 per barrel at 1.35 Beijing time on Monday (Oct. 26), after hitting $116, its highest settlement since April 29.
WTI crude also dropped 2.06%, to $101.1, while Murban climbed 3.16% $118, due to market jitters surrounding the tensions in the Strait of Hormuz.
The UAE usually announces the next month’s petrol and diesel prices near the end of each month, so check for the November announcement around Oct. 31.
Major UAE hubs like DXB in Dubai and AUH in Abu Dhabi continue to operate, but passengers face ongoing select flight cancellations and schedule changes due to continuing regional disruptions and Saudi-related route adjustments.
Saudi routes: Several airlines, including Emirates, Etihad, flydubai and Air Arabia, have cancelled or adjusted Saudi services, with some suspensions running into November and December.
Riyadh’s King Khalid airport reopened terminals 1 and 2 on Sunday (Oct. 25) after a two-week closure, but the Houthis say it remains a target.
Indian carriers: IndiGo has cancelled Riyadh flights through Oct. 31, and Akasa Air has suspended Jeddah flights until Nov. 10.
Iran: Flights by Iranian airlines to and from the UAE remain suspended until further notice.
Good news: European routes are returning. Lufthansa restarted Dubai-Munich and Frankfurt on Oct. 25; SWISS returns to Zurich on Oct. 27, Eurowings from Nov. 1. British Airways is scheduled to resume on Nov. 4 and Austrian Airlines from Dec. 12.
flydubai: Flights to Riyadh, Dammam, and Abha are suspended through October 29. Tel Aviv services remain affected following prior security incidents.
Etihad Airways: Flights between Abu Dhabi and Dammam/Riyadh are cancelled through November 5.
Air Arabia: Flights from Sharjah to Riyadh, Abha, Dammam, and Taif are cancelled with no specific resumption date announced.
International Resumptions: Lufthansa is gradually resuming Dubai–Frankfurt services today (October 26), following Munich flights on October 25.
Aegean Airlines has also restarted direct Athens–Dubai flights.
Advice: Check your own flight with the airline before leaving for the airport and confirm refund and rebooking options.
Riyadh’s King Khalid International Airport resumed flight operations on Sunday, October 25, after a two-week closure following attacks on the Saudi capital.
However, flight-tracking data showed that most scheduled departures remained cancelled despite the reopening.
The disruption comes as Saudi Arabia continues to face missile and drone threats, with Yemen’s Houthi movement claiming attacks on airports and critical infrastructure.
The airport’s website listed several domestic and international flights scheduled for Sunday, including arrivals from Dubai, Paris and Cairo.
Under new terminal arrangements announced on Saturday:
Terminal 1: Domestic flights operated by Saudi national carriers.
Terminal 2: International flights operated by Saudi national carriers.
Airport authorities urged passengers with confirmed bookings to contact their airlines to verify flight status and schedules before travelling.
The UAE condemned the Houthi missile attempts on Saudi Arabia. The AFC postponed Monday’s Al Nassr-Al Wasl match after travel disruptions.
The US maintains a Level 3 “Reconsider Travel” advisory for the Gulf.
Israel’s election is on Tuesday (October 27, 2026).
As of Oct. 26 coverage, no new UAE-wide guidance required changes to daily routines, though official advice to avoid unnecessary travel continues.
No direct security alerts or evacuations were active within UAE borders.
Residents are advised to follow UAE authority advisories and avoiding unverified social media reports.