Seven OPEC+ nations keep oil output steady as Iran war holds Brent crude above $100 a barrel

From the Newshound archive · first published 4 October 2026 · last updated 5 October 2026.

Saudi Arabia, Russia and five other core OPEC+ members voted Sunday to hold November production targets unchanged, with exports from Gulf states still running at just 60 to 80 per cent of normal levels since the US-Israeli war on Iran began in late February. UBS analyst Giovanni Staunovo warned the oil market 'remains tight' despite slightly recovering flows through the Strait of Hormuz, with output roughly five million barrels per day below pre-war levels.

Brent crude has surged from around $73 before the Iran war to above $100 a barrel, with US diesel prices hitting record highs and squeezing farmers, truckers and consumers.

The G7 pledged Friday to release 100 million barrels of oil and fuel products, with a 'frontloaded substantial' diesel release promised within 20 days.

The Iran conflict has also thrown OPEC+'s capacity review into uncertainty, delaying the quota calculations that will determine members' 2027 output targets.