Iran says the Strait of Hormuz stays closed until Washington meets seven conditions tied to the Islamabad Memorandum, with talks deadlocked after seven months of war. OPEC+ is holding November output steady even as Gulf exports run far below normal, while Yemen's Houthis claim a strike on a Saudi Aramco facility near Riyadh.
Iran's top negotiator said on Sunday the Strait of Hormuz will remain closed until Washington meets seven conditions based on the Islamabad Memorandum, as talks to end the seven-month U.S.-Israeli war on Iran stayed at an impasse. Parliament Speaker Mohammad Bagher Ghalibaf said Washington had made "some proposals through a mediator," but added that Washington's old approach would not work. According to Investing.com: "The era of wasting time and dictating unilateral demands is over".
Separately, Britain's UKMTO shipping monitor said a tanker's master reported an engine-room strike by an "unknown projectile" in the strait. The crew was reported safe with no environmental impact, and no one has claimed responsibility.
OPEC+ holds output steady as exports plunge
OPEC+ has agreed in principle to keep November output targets steady, Reuters reported Sunday, citing three sources close to the matter. Gulf producers have been pumping well below targets because of the war's export disruption, with exports running 60-80% below normal in recent months. Core members produced 25 million barrels per day in August, about 5 million bpd below prewar levels, according to OPEC data cited by Reuters.
Houthis claim Aramco strike as Yemen fighting escalates
In Yemen, the Houthis said they hit a major Saudi Aramco facility near Riyadh with ballistic missiles and drones, as fighting with Saudi-backed government forces intensified. Houthi spokesman Yahya Saree said the attack was retaliation for about 60 Saudi air strikes in 24 hours, including on Sanaa, though the Saudi-led coalition called the claim misleading.
Saudi authorities and Aramco had not confirmed what caused a fire at the Aramco refinery on Saturday. Fighting also intensified around Taiz, where the Houthis launched coordinated attacks along a roughly 15 km front.
Rial hits fresh low as Iran moves to defend currency
U.S. Defense Secretary Pete Hegseth said the blockade around Hormuz remained ironclad. Iran's rial hit a fresh low near 2.7 million per dollar on the free market, and state television said the central bank had begun selling up to $2 billion to support it. Russia's Dmitry Medvedev said Moscow was ready to mediate.
Source: Investing.com
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