Bahrain said its air defenses intercepted and destroyed several Iranian aerial attacks on Sunday, the first such interceptions since September, Reuters reported via CNBC.
Iran's Revolutionary Guard Corps said it launched six drones at a U.S. air defense radar at the Al-Rifaa helicopter base, according to Iranian state broadcaster Press TV. That is Iran's claim. There was no immediate confirmation from U.S. or Bahraini authorities, Reuters reported.
Two days earlier, on Friday, the Guards said they had attacked a U.S. early-warning radar. The U.S. military denied it, saying it intercepted two Iranian drones and that there was no damage.
The war began Feb. 28 with U.S. and Israeli strikes, and diplomacy has not produced a breakthrough. President Trump said in recent days that he might hold off attacking Iran if there were no new provocations but would keep the naval blockade in place, Reuters reported Saturday. Separately, the Saudi-led coalition said Sunday it intercepted two Houthi ballistic missiles fired toward Riyadh and three drones in the Eastern Province.
The last oil print
Oil futures resume trading Sunday evening, Eastern time. The latest settlement is Friday's.
Brent crude settled Friday, Nov. 13, at $95.84 a barrel, according to The Edge. Earlier that day, when the International Energy Agency published its oil market report, Brent was down 0.1 percent at $95.71, Reuters reported. That was an intraday price. The settlement was 13 cents higher.
What the IEA said
The agency said the market returns to surplus in the fourth quarter, reversing its earlier forecast of a deficit for the period. It put global supply at an average of 105 million barrels a day in the fourth quarter, 1.7 million barrels a day above forecast demand. By subtraction, that puts fourth-quarter demand at about 103.3 million barrels a day.
"The oil market is showing tentative signs of rebalancing, with global oil supplies surpassing demand for the first time since the outbreak of the war in Iran," the IEA said.
The IEA forecast that world oil demand will fall by 2.7 million barrels a day in 2026, to 102.3 million barrels a day, then rebound by 2 million barrels a day in 2027. It expects supply to rise by 6.6 million barrels a day in 2027, to 108.1 million, leaving a 2027 surplus of about 3.8 million barrels a day. On the agency's numbers, 2027 demand would be about 104.3 million barrels a day against supply of 108.1 million.
On the producer side, OPEC+ pumped 41.23 million barrels a day in October, according to OPEC figures cited by Reuters. That is 97 percent of its volume in February, before the war.