Brent crude traded near $95 a barrel on Thursday as ADIPEC 2026 in Abu Dhabi reached its closing day. Brent settled at $94.62 on Wednesday after an 8.7% fall, its lowest settlement since 31 August, 5paisa reported on 5 November. Arbiterz put Brent at $96.06 on Thursday after a modest rebound.
Traders cut the war risk premium after Democrats won control of both chambers of the US Congress on 3 November, Arbiterz reported. Investors saw a better chance of a diplomatic end to the US-Israeli war with Iran.
Oil prices fall below $100 in the final days of ADIPEC 2026
The table below tracks ADIPEC 2026 oil prices from the Friday before the show to its closing day. Figures are Brent crude futures in US dollars a barrel, from the outlets named.
| Date | Brent ($ a barrel) | Source |
|---|---|---|
| 30 October | close to 118 | Arbiterz |
| 4 November, morning | 103.20 | HDFC Sky |
| 4 November, settlement | 94.62 | 5paisa |
| 5 November, afternoon | 95.16 to 96.06 | 5paisa, Arbiterz |
On those figures, Brent lost about 20% between 30 October and Wednesday’s settlement, The Fourth Plate calculated.
Risks at sea remained on the final day. Iran’s Islamic Revolutionary Guard Corps (IRGC) said on Thursday that two oil tankers and a tugboat caught fire in the Strait of Hormuz, Reuters and Al Jazeera reported. The IRGC said the vessels had used unauthorised routes through the strait. Its claims were not independently verified.
ADNOC’s executive committee reviews the show
Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, chaired a meeting of the Executive Committee of the ADNOC Board of Directors on Thursday. The Abu Dhabi Media Office said the committee was briefed on ADIPEC 2026 activities and key panel discussions. The committee also reviewed ADNOC’s performance over the first 10 months of 2026, including its use of artificial intelligence.
Sheikh Khaled stressed investment in production capacity and supply chain resilience to support global energy security, the media office said. The committee reviewed the second Make it with ADNOC Forum, held on 25 October. ADNOC announced more than AED60 billion, about $16.3 billion, in local manufacturing opportunities through 2030 at that forum, the media office and The National reported.
Jeremy Crane, chief executive of Emirati solar company Yellow Door Energy, spoke to The National at ADIPEC in an interview published on Thursday. He said the war had delayed construction and left equipment stuck in ports. He said there had been “virtually no impact on all of our operating sites.” Yellow Door has 500 MW of solar projects in the Middle East and Africa.
What does cheaper oil mean for Indian farmers?
Cheaper crude lowers the cost base for diesel, which runs tractors, irrigation pumps and the trucks that carry harvests to market. India relies heavily on imported crude, so a lasting fall in Brent reduces the country’s fuel import bill. Farmers gain only when lower crude prices pass through to the diesel they buy.
Natural gas is the main feedstock for urea, the most widely used fertiliser on Indian farms. Gas and freight costs therefore shape the subsidy bill that the government carries, as The Fourth Plate’s guide to the fertiliser subsidy in India explains. The US vote that moved oil this week is covered in our report on what the US midterm results mean for India.
ADIPEC 2026 week in review
Our day-three story reported the ADNOC Gas agreement with Etihad Water and Electricity (EtihadWE). The main announcements of the four days are listed below.
- 2 November: H.E. Sultan Ahmed Al Jaber called for rebuilt energy security, and ADNOC agreed with OpenAI and G42 to deploy OpenAI Frontier. Day one.
- 3 November: XRG agreed to buy Shell’s 16.67% stake in Australia’s North West Shelf LNG project, and ADNOC Gas signed a five-year deal to supply TotalEnergies with up to 1.6 million tonnes of LNG. Day two.
- 4 November: ADNOC Gas and EtihadWE agreed to explore gas supply for new power plants in the Northern Emirates, with no volumes published. Day three.
- 5 November: Brent traded near $95 a barrel, and ADNOC’s executive committee reviewed the show.
ADIPEC 2026 opened with warnings that the world had eroded its supply buffers and closed with Brent about a fifth below its late-October level. For farm economies that import fuel and fertiliser, the gain depends on the lower price lasting beyond the week of the show.
Sources: 5paisa: Brent drops 8.7% to $94.62; 5paisa: Crude oil price on 5 November 2026; Arbiterz: Brent rebounds to $96.06; HDFC Sky: Brent slips to $103.2; Reuters via Yahoo: IRGC says two tankers and tugboat caught fire in Hormuz; Al Jazeera: Iran war live, 5 November; Abu Dhabi Media Office: Khaled bin Mohamed bin Zayed chairs ADNOC Executive Committee meeting; The National: Sheikh Khaled lauds Adnoc’s role in global energy security; Dubai Eye: Sheikh Khaled reviews ADNOC’s performance in 2026; The National: US election results could put renewables back into focus.
