Saudi Aramco says attacks did not interrupt oil deliveries

Brent rises above $107 after reported U.S. strikes on Iran’s Qeshm Island

Saudi Aramco said attacks on key energy facilities did not interrupt oil deliveries to customers during the third quarter of 2026. Aramco president and chief executive Amin H. Nasser said, “Geopolitical uncertainty and attacks on key energy facilities continued to amplify the global energy supply crisis in the third quarter of 2026, with serious implications for global energy security. Despite challenges, the unwavering dedication of our workforce, our operational excellence, the flexibility of our system, and the strength of a supply network built over decades enabled us to continue delivering reliably to our customers through this extraordinary period.”

The Guardian described Aramco as the world’s top oil exporter and said the U.S.-Israeli war on Iran had reduced the company’s output, while higher oil prices offset the production loss. Aramco’s quarterly profit figures were presented inconsistently in the live report: The Guardian wrote that the state oil company’s profits had risen by more than a third despite attacks on its facilities, while also listing net profit of $3.25bn for the three months to September compared with $26.9bn a year earlier.

Aramco said it was exploring additional overseas storage capacity and alternative export routes to strengthen its global supply network. It said, “We continue to explore additional overseas storage capacity and alternative export routes to further strengthen our global supply network, and our robust operational and financial performance during this volatile period demonstrates the value of our resilience.” The Guardian said the world’s biggest oil companies were on track for combined profits of around $100bn between July and September.

Brent crude climbed $2.38 a barrel to $107.15 on November 3, a 2.2% gain, after the U.S. reportedly launched limited strikes on Iran’s Qeshm Island late Monday. The global benchmark had moved sharply in the opposite direction Monday, plunging 11% to $103.28 after Donald Trump reportedly said he was willing to give diplomacy more time. Before the war started on 28 February, Brent traded around $72 a barrel.

Energy prices, inflation and the rate outlook

The Reserve Bank of Australia’s board raised its cash rate by 25 basis points to 4.85% on November 3, the fifth increase this year and the highest level in 18 years. The bank said it would continue doing what it considered necessary to bring inflation to target but dropped its previous guidance that it would raise the rate further if needed. The Guardian described the 6-3 vote as surprisingly narrow and said it indicated policymakers may be getting to the end of their rate hikes.

Governor Michele Bullock said the increase was “not the news that many Australians want to hear”, but it would prevent “even worse pain down the track”. She said it was unclear what the next move in rates would be. The three dissenting members stressed downside risks such as a weakening housing market and rising unemployment. After five rate hikes this year, Bullock said it was appropriate to pause and assess how the economy was responding to the increases. She also cautioned that “there is still a bit of a skew on the upside to inflation risks, and we need to be alert to those materialising.”

Updated central-bank forecasts showed headline inflation reaching 4.5% in the fourth quarter before easing to the target range of 2% to 3% in the second half of next year. The forecasts also placed unemployment above 5% in the next couple of years.

Swissquote senior analyst Ipek Ozkardeskaya said, “Higher energy prices… would strengthen the case for further monetary policy tightening by the Federal Reserve (Fed) and other major central banks.” She described the Reserve Bank of Australia’s 25 basis point increase as having come as expected. Ozkardeskaya also said the Bank of England was widely expected to announce a 25 basis point increase on Thursday, following the previous week’s budget announcement. She characterized that budget announcement as “rather uneventful” and said it left the Bank of England able to continue addressing inflation.

The Guardian’s broader market assessment said the latest monetary policy decisions had brought either rate hikes or the prospect of tighter monetary policy to fight inflation fueled by elevated global energy prices. It said many developed-market bond yields faced upward pressure from intensifying fiscal concerns, while large bond issuance by technology companies to finance a massive AI buildout could add to that pressure.

Binance reports hourly deposits above withdrawals

Binance reported that hourly deposits exceeded withdrawals that morning. The Guardian said the figures suggested flows were stabilizing after the cryptocurrency exchange’s hack the previous week. The hack resulted in $6.3bn in assets being stolen from customer accounts. The Guardian described the theft as the biggest heist in history and reported that experts had identified North Korea as the probable culprit.

U.S. job openings and factory orders scheduled

The live report’s agenda listed U.S. JOLTS job openings for September and U.S. factory orders for September, both scheduled for 3 p.m. GMT.