Heating oil prices.
Simply compared.Heating oil prices.
Simply compared.

Crude oil ended Friday at about $98 a barrel, after its worst week since April 2020, as traders bet that the Democrats' midterm wins will push President Trump towards a deal with Iran. UK heating oil has now followed it down. Trump spoke to the Emir of Qatar on Friday about efforts to calm the region, and Iran sent America a proposal on its nuclear programme through Qatar, according to Reuters. Ships are still being hit. A tanker leaving the Strait of Hormuz, the sea lane that carries about a fifth of the world's oil, reported an explosion at the waterline, though its crew were safe. Iran claimed more tankers hit mines on Friday and Saturday, which nobody else has confirmed, and on Saturday American forces disabled a cargo ship in the Gulf of Oman for trying to break their blockade of Iranian ports. Strong American jobs figures pushed the pound down about 0.7% against the dollar on Friday, which makes oil, bought in dollars, slightly dearer here and slowed the fall.

Your next fill. At Fueltool's UK average today, a 1,000-litre fill costs about £1,110 including VAT. That is roughly £50 less than at Thursday's brief and about £70 less than a week ago, close to the lowest our average has been since mid-September.

What to watch. Whether Iran and America accept a deal through Qatar, in which America would lift its blockade of Iranian ports and Iran would stop attacking ships and let them through the Strait of Hormuz. Whether tankers keep getting through while Iran's claims of new mine strikes go on. And the suspension of the 4% tariff on imported heating oil, which starts on 26 November.