Heating oil prices.
Simply compared.Heating oil prices.
Simply compared.

Traders sent crude oil to its biggest one-day fall since July on Monday, after Iran's state news agency said the supreme leader had given the government authority to settle the conflict 'through dialogue'. President Trump also said twice that he would not strike Iran after the midterm elections. Hours later American forces made what officials called limited, defensive strikes on Qeshm Island in southern Iran, after Iran's Revolutionary Guards fired on an American aircraft. On Tuesday, Democrats won control of both houses of Congress, which is expected to bring closer scrutiny of the war. Iran's chief negotiator said Americans had said no to war, and Qatar and Pakistan are carrying messages between the two sides towards an interim deal. Traders pushed crude lower again on Tuesday, to its lowest in nearly four weeks. The Strait of Hormuz, the sea lane that carries about a fifth of the world's oil, is still dangerous: Iran's Revolutionary Guards say four more tankers hit mines there on Wednesday, which has not been confirmed. UK suppliers have cut heating oil more gently, because it follows the wholesale price of diesel and jet fuel rather than crude itself.

Your next fill. At Fueltool's UK average today, a 1,000-litre fill costs about £1,170 including VAT. That is roughly £20 less than at Thursday's brief and about £30 less than a week ago, as the hope of talks has taken some of the heat out of prices.

What to watch. Whether Qatar's mediators reach an interim deal between America and Iran, and whether President Trump sticks to no new strikes now the midterms are over. Whether tankers can pass the Strait of Hormuz safely after Iran's claims of more mine strikes. And the suspension of the 4% tariff on imported heating oil, which starts on 26 November.