Hormuz Negotiations: Iran’s speaker Mohammad Bagher Ghalibaf says the Strait of Hormuz stays closed until the US meets seven preconditions, with Iran sending its demands via Qatar as mediator. Market Mood: Oil slipped as Middle East crude exports rose and G7 emergency releases of 100 million barrels of crude and diesel eased near-term supply fears, though refined fuel tightness remains a worry. Aramco Warning: Saudi Aramco CEO Amin Nasser cautioned global oil buffers are “scarily thin,” warning pressure could intensify until Hormuz fully reopens. Exports vs Attacks: Kpler data says Middle East crude shipments topped pre-war levels on several days in late September despite tanker attacks, with more flows rerouted via alternatives. Saudi Pricing: Saudi Arabia cut official selling prices for Asia to a six-year low for November, aiming to offset higher shipping costs and defend market share. OPEC+ Output: OPEC+ partners agreed to keep November oil output steady, even as the region’s war risk continues to shape supply expectations. Grid Build-Out: L&T won power transmission and substation EPC orders across Saudi Arabia, UAE and India, targeting renewable energy evacuation and grid strengthening. Yemen Front: Saudi-led coalition pledged support for a major Yemen offensive against Iran-backed Houthis, raising the stakes for Red Sea and shipping lanes. Regional Spillovers: Malaysia’s central bank warned SMEs face growing financial pressure from higher energy and logistics costs tied to the conflict.