Trump says US war on Iran will end 'very soon' as IRGC calls it a failure
Oil prices fell 2.5% on Tuesday as investors eyed a recovery in Middle East crude exports
Highlights
UAE fuel prices out today: Will October costs rise?
UAE motorists could see fuel prices rise in October after global oil prices spent much of September at elevated levels, although improving regional supply routes could ease some of the pressure.
Brent crude, the international standard, hovered at $105 a barrel since the start of the week. Last week, Brent oil had momentarily dropped to $97-levels. The price is volatile because of uncertainty about when the war with Iran will allow oil to flow freely again from the Middle East, including access to the Strait of Hormuz.
That leaves Brent nearly 50% above the roughly $72 a barrel seen in late February before the Iran war. It is also about nearly $40 higher than at the same point last year.
For the UAE, the important factor for October is not a single day's Brent price but the broader trend through September. With oil spending considerable time at elevated levels this month, the pressure on the next fuel-price review has increased.
Iran tells the US public that Trump's war has failed
The United States is targeting people and companies around the globe that it accuses of financing or enabling Iran's military supply chain, placing sanctions on 10 individuals and entities as it pushes forward with economic warfare against Tehran.
Meanwhile, Iran's Revolutionary Guard urged Americans in a message ahead of US midterm elections to take to the streets and rally against Donald Trump, claiming the US president's war in the Middle East has failed.
Trump: US will win Iran war ‘very soon’
US President Donald Trump said that US officials had been in contact with mediators seeking an end to the conflict with Iran.
Speaking to reporters in the Oval Office, Trump said he expected the war to be resolved quickly and insisted the US would prevail.
“We’re going to win,” Trump said. “It’s going to go pretty quickly.”
He also said fuel prices would fall sharply once the war ends with a US victory.
Gulf producers keep crude flows moving through Hormuz
Gulf oil producers are moving far more crude through the Strait of Hormuz than many expected possible, using US Navy-backed workarounds to keep one of the world’s most important energy corridors operating despite Iran’s pressure.
Oil and petroleum-product flows through the strategic waterway averaged 13.1 million barrels per day last week, according to marine-tracking firm Kpler. That is just below 80% of the 17.1 million barrels per day that crossed the strait before the war began.
“Given such a strong volume passing through the strait, it is clear Iran is losing its influence over it,” Matt Smith, Kpler’s director of commodity research, told CNN.
The rebound reflects a complicated effort by Gulf producers and the US.
Military-escorted tanker shuttles, discreet “dark” transits (AIS turned off) and rerouted export flows have helped restore a significant share of Middle Eastern oil shipments in recent months.
Pakistan vows to defend Saudi Arabia against Iran-backed Houthis by 'whatever means'
Pakistan will use "whatever means are available" to defend Saudi Arabia against Iran-backed Houthi rebels, the country's defense minister said Tuesday, offering one of Islamabad's clearest indications yet that it could become directly involved in the widening regional conflict.
Defense Minister Khawaja Muhammad Asif declined to say whether Pakistani forces had already participated in airstrikes. He said, however, that Pakistan's military capabilities would be available to Saudi Arabia under a new mutual defense pact with Saudi Arabia and Turkey.
"I'm not going into detail, but obviously when I say that we are bound by this arrangement to defend Saudi Arabia, that means whatever means are available at our disposal, they'll be available to Saudi Arabia also. I think that's a categoric statement," Asif told reporters during a visit to Rome when asked whether Pakistan had been involved in airstrikes against Iranian operators in Yemen.
His response did not explicitly confirm Pakistani participation in any strikes. He also did not say whether Saudi Arabia, which has been repeatedly attacked by the Houthis in recent weeks, had asked for assistance.
Oil prices fall; Brent at $102.59 per barrel
Oil prices fell 2.5% at settlement on Tuesday as investors focused on signs of a recovery in crude exports from the Middle East.
Brent crude futures dropped $2.69, or 2.6%, to settle at $102.59 per barrel, while U.S. West Texas Intermediate (WTI) crude fell to $89.38, a decline of $3.22 or 3.5%.
Brent is on track for a monthly gain of about 13%, while WTI is heading for a 4% rise.
$15 million reward for information on IRGC Aerospace Force leaders
The US is offering up to $15 million for information that disrupts the financial mechanisms of Iran’s Islamic Revolutionary Guard Corps Aerospace Force (IRGC-ASF), including information on three senior officials.
The officials are Brig. Gen. Abdollah Mehrabi, Ahmed Ja’farabadi and Ali Asghar Norouzi, according to the US State Department’s Rewards for Justice program.
“Somewhere between Iran’s missiles, drones, and victims is a money trail. Help us disrupt it,” Rewards for Justice said in a post on X.
The State Department says the IRGC Aerospace Force conducts operations, develops weapons and procures equipment for the IRGC. It identifies Mehrabi as chief of the force’s Research and Self-Sufficiency Jihad Organisation, Ja’farabadi as a senior official involved in operations and logistics, and Norouzi as chairman of the IRGC Cooperative Foundation.
Information about the officials’ financial activities, the Aerospace Force’s financial mechanisms, or associated individuals, organisations and activities could qualify informants for a reward of up to $15 million and potential relocation, the program said.
Up to $40,000 'cash reward' for killing or capturing US soldiers: Iran army
Iranian Army spokesman Brig. Gen. Mohammad Akraminia said Iran would pay a 5 billion-toman reward — about $20,000 — to citizens who kill or capture US soldiers entering Iranian territory in the event of a US ground invasion.
He said the reward would double to 10 billion tomans, or about $40,000, if a woman carried out the action.
Akraminia also said people in other countries across the region could potentially qualify for the reward if they killed or captured an American soldier. The announcement was presented as part of an Iranian military plan for a possible US ground incursion.
Akraminia said the scheme also provides for the weapon used in the operation to be purchased by the army at twice its value and displayed in a military museum.
El-Sisi reaffirms support for security, stability of Arab Gulf states
Egyptian President Abdel Fattah El-Sisi affirmed that supporting and safeguarding the security and stability of the Arab Gulf states is one of the constants of Egypt’s foreign policy, stressing the need to maintain freedom of navigation in maritime corridors in accordance with international law.
Speaking during a government meeting, President El-Sisi also affirmed that the Egyptian state is making every necessary effort to de-escalate tensions in the region and prevent a renewed outbreak of fighting.
IRGC warns: New weapons ready if war erupts again
Iran will continue strengthening its military capabilities and introduce new weapons if it faces another confrontation, an Islamic Revolutionary Guard Corps spokesman said.
Hossein Mohebbi, speaking to Yemen’s Houthi-affiliated Al-Masirah network, said Iran was closely monitoring its opponents’ plans and movements and remained prepared for a possible new round of conflict.
“We will continue arming ourselves, and in any possible confrontation, we will bring new weapons to the field,” Mohebbi said.
His remarks signal that Tehran intends to use the period between conflicts to expand and adapt its military arsenal, amid continuing tensions with the US and Israel.
