Oil Set for Sharp Weekly Drop but Middle East Supply Concerns Provide Floor

A pumpjack operates near Bakersfield, California, on Oct. 16. (AFP)
A pumpjack operates near Bakersfield, California, on Oct. 16. (AFP)
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Oil Set for Sharp Weekly Drop but Middle East Supply Concerns Provide Floor

A pumpjack operates near Bakersfield, California, on Oct. 16. (AFP)
A pumpjack operates near Bakersfield, California, on Oct. 16. (AFP)

Oil prices are set for a sharp weekly drop on expectations of a de-escalation of the Iran war after US President Donald Trump's party suffered election losses, but Middle East supply concerns from the conflict continue to provide a floor for the market.

Brent crude futures for January rose on Friday by $1.29, or 1.31%, to $99.58 a barrel as of 0504 GMT. US West Texas Intermediate futures climbed 86 cents, or 0.95%, to $91.38 a barrel. Brent briefly breached the $100-a-barrel mark in ‌morning trade.

Both contracts ‌gained for a second day.

Still, the ‌Brent ⁠contract is on ⁠track to drop by 12% this week after the December contract expired on October 30, while WTI is set to drop 12.1%.

The contracts plunged earlier this week on expectations that US midterm elections on Tuesday, which swung the Senate and House of Representatives to the Democratic Party from Trump's Republicans, could lead to ⁠a de-escalation of the US-Israeli war against Iran, now ‌in its ninth month.

Oil prices ‌fell 8% on Wednesday alone after the Democrats swept the elections, ‌settling at two-month lows.

However, prices rebounded on a surge ‌in tanker attacks on Wednesday and Thursday in the Gulf and the Strait of Hormuz — the crucial sea outlet for a majority of Middle Eastern oil shipments — that renewed the concerns about supply flows from the ‌region.

KCM chief analyst Tim Waterer described Friday's rise as a "technical recovery" from the steep ⁠selloff after ⁠the US elections, but said the underlying driver was a realization that the problem had not disappeared and attacks in the Strait of Hormuz were unaffected by a Democratic win.

"Until there is a credible path to safer, cheaper transit through the Gulf, oil is likely to remain supported on dips and prone to sharp moves on any escalation headlines," he said.

Iran said on Thursday that three more tankers had been attacked in the Strait of Hormuz, and data from Britain's maritime security agency UKMTO suggested that attacks on oil-carrying ships are still running at close to record pace.



Oil Set for Sharp Weekly Drop but Middle East Supply Concerns Provide Floor

A pumpjack operates near Bakersfield, California, on Oct. 16. (AFP)
A pumpjack operates near Bakersfield, California, on Oct. 16. (AFP)
TT

Oil Set for Sharp Weekly Drop but Middle East Supply Concerns Provide Floor

A pumpjack operates near Bakersfield, California, on Oct. 16. (AFP)
A pumpjack operates near Bakersfield, California, on Oct. 16. (AFP)

Oil prices are set for a sharp weekly drop on expectations of a de-escalation of the Iran war after US President Donald Trump's party suffered election losses, but Middle East supply concerns from the conflict continue to provide a floor for the market.

Brent crude futures for January rose on Friday by $1.29, or 1.31%, to $99.58 a barrel as of 0504 GMT. US West Texas Intermediate futures climbed 86 cents, or 0.95%, to $91.38 a barrel. Brent briefly breached the $100-a-barrel mark in ‌morning trade.

Both contracts ‌gained for a second day.

Still, the ‌Brent ⁠contract is on ⁠track to drop by 12% this week after the December contract expired on October 30, while WTI is set to drop 12.1%.

The contracts plunged earlier this week on expectations that US midterm elections on Tuesday, which swung the Senate and House of Representatives to the Democratic Party from Trump's Republicans, could lead to ⁠a de-escalation of the US-Israeli war against Iran, now ‌in its ninth month.

Oil prices ‌fell 8% on Wednesday alone after the Democrats swept the elections, ‌settling at two-month lows.

However, prices rebounded on a surge ‌in tanker attacks on Wednesday and Thursday in the Gulf and the Strait of Hormuz — the crucial sea outlet for a majority of Middle Eastern oil shipments — that renewed the concerns about supply flows from the ‌region.

KCM chief analyst Tim Waterer described Friday's rise as a "technical recovery" from the steep ⁠selloff after ⁠the US elections, but said the underlying driver was a realization that the problem had not disappeared and attacks in the Strait of Hormuz were unaffected by a Democratic win.

"Until there is a credible path to safer, cheaper transit through the Gulf, oil is likely to remain supported on dips and prone to sharp moves on any escalation headlines," he said.

Iran said on Thursday that three more tankers had been attacked in the Strait of Hormuz, and data from Britain's maritime security agency UKMTO suggested that attacks on oil-carrying ships are still running at close to record pace.


Tech Firms Suffer Bloodbath as US Midterms Fuel AI Fears

Stock markets in Tokyo, Seoul and Taipei led a tech rout that tracked a selloff on Wall Street. Andrew Caballero-Reynolds / AFP
Stock markets in Tokyo, Seoul and Taipei led a tech rout that tracked a selloff on Wall Street. Andrew Caballero-Reynolds / AFP
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Tech Firms Suffer Bloodbath as US Midterms Fuel AI Fears

Stock markets in Tokyo, Seoul and Taipei led a tech rout that tracked a selloff on Wall Street. Andrew Caballero-Reynolds / AFP
Stock markets in Tokyo, Seoul and Taipei led a tech rout that tracked a selloff on Wall Street. Andrew Caballero-Reynolds / AFP

Asian tech firms suffered a bloodbath Friday as investors tracked a collapse on Wall Street fueled by fears that Democrats will ramp up regulation of the AI industry following their blowout victory in this week's US midterm elections.

Trading boards were a sea of red in early business, with Seoul and Tokyo taking the brunt of the selling as traders fled to the hills amid uncertainty about a sector that had pushed stock markets to record highs just five months ago, said AFP.

While the historic "blue wave" in Tuesday's vote had been initially welcomed on hopes it could put pressure on President Donald Trump to wind down his war against Iran, fears about the impact on the AI buildout soon came to the fore.

Data centers have faced broad opposition from US voters across the political spectrum, and many midterm winners have pledged to put the brakes on such projects.

Analysts said investors were also spooked by a call from progressive US Senator Bernie Sanders for a national moratorium on their building.

The results compounded already heightened fears about the hundreds of billions firms had pumped into the sector and when they would see a return, while the recent spike in borrowing costs also fueled concerns about their financial position.

The eye-watering rally in many companies' valuations had also caused unease on trading floors.

Michael Hewson at MCH Market Insights said investors were selling up because of "concerns that we might see greater opposition to AI buildout plans, with the results in Texas prompting concerns that politicians in the state might target Elon Musk's Tesla and SpaceX due to his support for Trump".

New York's Nasdaq plunged 5.5 percent in its worst day -- percentage-wise -- since April last year when Trump unveiled his wide-ranging global tariffs. The S&P 500 tanked more than four percent and the Dow more than three percent.

Bloomberg said the Philadelphia Semiconductor Index had collapsed around 16 percent this week, putting it on course for its worst run since April last year.

Trump blamed the collapse on the Democrats, writing on Truth Social: "The Stock Market crashed today because the Dumocrats had a big Tuesday - So sad to see, you only have yourselves to blame! President DONALD J. TRUMP."

The heavy selling continued in Asia.

Seoul briefly plunged almost nine percent before ending six percent lower with chip giant SK hynix off more than 10 percent while rival Samsung was 6.4 percent down.

The Kospi more than doubled between the end of December and mid-June, when it hit a record, and has since then lost almost 50 percent.

Tokyo dived six percent as SoftBank gave back more than 10 percent, with Kioxia off 8.7 percent and Advantest lower percent lower.

TSMC's 4.7 percent drop dragged Taipei's Taiex down about the same.

Hong Kong, Shanghai, Sydney, Singapore, Jakarta, Bangkok, Wellington and Manila were also in the red.

"The blood is in the streets, folks," said Neil Wilson at Saxo Markets.

"The fear is a total momentum unwind as Democrats pace the frontier and kibosh data center buildout... this looks totally overdone but the nature of sell-everything of this market means we need to look for some stability first."

The mood was also dampened by a more than one percent lift in oil prices, extending Thursday's gains after plunging on the midterm results amid hopes for an end to the Iran war.

Traders were keeping eyes on developments in the crisis after US and Iranian leaders had indicated progress earlier in the week.

US jobs data is also due later in the day, following broadly positive readings earlier in the week.


Riyadh Ranks Among Top Four Global Initiatives at World Smart City Awards

 Visitors at the Royal Commission for Riyadh City's pavilion during the Smart City Expo World Congress in Barcelona (RCRC)
Visitors at the Royal Commission for Riyadh City's pavilion during the Smart City Expo World Congress in Barcelona (RCRC)
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Riyadh Ranks Among Top Four Global Initiatives at World Smart City Awards

 Visitors at the Royal Commission for Riyadh City's pavilion during the Smart City Expo World Congress in Barcelona (RCRC)
Visitors at the Royal Commission for Riyadh City's pavilion during the Smart City Expo World Congress in Barcelona (RCRC)

Three Riyadh projects received international recognition at the 2026 World Smart City Awards, held during the Smart City Expo World Congress in Barcelona, Spain, with one winning its category and two reaching the finals.

The Riyadh Infrastructure Projects Center (RIPC) was named among four finalists for the Governance & Economy Award for its "Infrastructure in One Source" initiative, which uses an Integrated Infrastructure Coordination Plan to improve infrastructure planning and coordination.

Riyadh Metro was also among four finalists for the Mobility Award, while the Real Estate Balance Program (Tawazoun) won the Infrastructure & Building Award.

The awards attracted 533 entries from 68 countries worldwide.

The Integrated Infrastructure Coordination Plan aims to improve infrastructure project quality across Riyadh Region by establishing a comprehensive framework for planning and coordination among government agencies, private-sector organizations and service providers.

The initiative seeks to improve project execution, minimize conflicts between construction activities and strengthen coordination during the planning and implementation stages.

Riyadh's recognition also extended to public transportation, with Riyadh Metro reaching the finals of the Mobility Award for its development of an integrated public transportation network that contributes to more efficient and sustainable mobility in the Saudi capital.

Smart cities and residents' quality of life

Dr. Maher Shirah, Director General of the Smart Cities General Department at the Royal Commission for Riyadh City (RCRC), told Asharq Al-Awsat that the value of smart cities lies in their impact on residents' lives.

He said housing, access to opportunities, efficient public services and confidence in urban development management were essential elements of a city offering a higher quality of life.

Shirah said Riyadh's experience with real estate balance demonstrated the importance of addressing these priorities together, as the Tawazoun program seeks to correct imbalances in the property market and facilitate homeownership amid the capital's rapid growth.

He confirmed that Tawazoun had won the Infrastructure & Building Award at the 2026 World Smart City Awards, an achievement separate from RIPC's selection as one of four finalists for the Governance & Economy Award.

Shirah said the relationship between real estate balance and smart cities rested on three main dimensions.

The first is understanding the city through data. Monitoring the real estate market, analyzing differences between neighborhoods and comparing current housing supply with future demand provide a clearer picture of urban challenges and help authorities develop more effective interventions.

Using data to manage urban development

The second dimension involves translating knowledge into practical action, Shirah said.

He explained that data delivers value when it informs decisions on land development, infrastructure provision, housing initiatives and market monitoring, strengthening institutions' ability to respond to complex urban challenges.

The third dimension focuses on outcomes that matter to residents.

Shirah said access to housing was a fundamental part of how people experience their city and assess its performance, noting that the IMD Smart City Index measures residents' perceptions of their ability to find housing at affordable rents.

He added that international frameworks take a comprehensive approach to smart cities.

The Cities in Motion Index, developed by IESE Business School, covers urban planning, governance, technology, the economy and social cohesion, while the International Telecommunication Union's United for Smart Sustainable Cities (U4SSC) framework links digital transformation to quality of life, inclusion, infrastructure and sustainability.

Shirah said the Tawazoun program's long-term impact would be measured by improvements in housing accessibility, service efficiency, the quality of decision-making and residents' experiences.

Building a smart city requires institutions capable of translating information into coordinated action and turning that action into tangible improvements in residents' lives, he said.

Riyadh's presence at the World Smart City Awards

The recognition came during the Smart City Expo World Congress, held in Barcelona from Nov. 3 to 5, with the World Smart City Awards ceremony taking place on Nov. 4.

The awards recognize cities, public agencies and organizations developing innovative solutions and initiatives to make urban areas smarter, more sustainable and better places to live.

They highlight pioneering approaches to using technology and innovation to address urban challenges and improve the efficiency of public services and infrastructure, while allowing cities and participating organizations from around the world to exchange expertise and experiences.

The Riyadh Infrastructure Projects Center achieved similar recognition in 2025 when its "Road Resurfacing Governance" initiative was selected among four finalists for the Governance & Economy Award.

The initiative sought to establish a unified framework for governing work procedures, improving coordination, planning and implementation, raising safety standards and reducing conflicts and disruptions associated with infrastructure projects.

Riyadh's participation in the awards reflects the diversity of its smart city initiatives, spanning infrastructure project management, urban planning, public transportation and real estate market balance.

These initiatives highlight efforts to improve public services, increase urban efficiency and enhance residents' quality of life.

According to the Royal Commission for Riyadh City, this international recognition builds on efforts by authorities across Riyadh Region to develop and manage infrastructure projects and adopt smart, sustainable solutions in support of Saudi Vision 2030, while improving quality of life and the efficiency of urban projects and services.