Oil

A tanker in the Strait of Hormuz was hit by explosive devices from a small boat, per UKMTO. Brent December futures rose $1.20 to $116.08 a barrel and WTI climbed $1.37 to $103.37, positioning both for their fourth straight monthly gain amid ongoing Middle East conflict. Read →

December Brent slipped 0.4% to $114.88 a barrel and WTI fell 0.8% to $102.00 as traders weighed US Vice President JD Vance's outreach to Iranian officials for peace talks. Persistent attack risks and escalation potential capped the decline. Read →

ExxonMobil CEO Darren Woods and Chevron upstream president Clay Neff cancelled plans to attend next week's ADIPEC conference in Abu Dhabi due to security concerns tied to the regional conflict. BP and Equinor CEOs remain scheduled. Read →

BP reported third-quarter underlying replacement cost profit of $8.46 billion, beating forecasts and marking its highest quarterly result in at least five years. Record refining margins from tight product markets drove the surge, with operating cash flow at $14.8 billion and net debt falling to $13.9 billion. Read →

Oil prices fell Thursday with Brent down about $1.22 to near $114.10 and WTI off $1.33 near $101.45 as US Vice President JD Vance sent a letter to Iranian security chief Mohsen Rezaei to explore restarting peace talks. The move, reported at President Trump's direction, tempered concerns over renewed US strikes on Iran despite ongoing Houthi attacks on Saudi facilities and shipping risks. US crude inventories fell 1.9 million barrels to 410.6 million last week per EIA data, exceeding expectations, while gasoline stocks built. Read →

US Vice President JD Vance sent a letter to Iran's Supreme National Security Council secretary Mohsen Rezaei to test grounds for restarting US-Iran negotiations and potentially avert renewed strikes after next week's midterms. The outreach focuses on a negotiation framework rather than detailed proposals and includes discussion of Iran's nuclear program. Trump approved the contact, though he described it in public remarks as concerning medical supplies. Read →

UBS raised its Brent crude price forecast to $110 per barrel by end-2026 from $100, citing persistent Middle East supply vulnerabilities, global inventories down over 500 million barrels since February, and record tanker freight costs of $30-40 per barrel on Middle East-China routes. The bank also lifted its 2027 quarterly forecasts by $5 each. Gulf loadings have recovered but remain below pre-conflict levels amid vessel attacks in the Strait of Hormuz. Read →

US commercial crude inventories fell 1.9 million barrels to 410.6 million in the week ended Oct 23, a larger draw than the expected small build, with Cushing stocks down 624,000 barrels. Distillate stocks declined 1.5 million barrels while gasoline inventories rose 3.9 million barrels. Refinery utilization slipped to 92.8% with crude runs at 16.5 million b/d. Read →

Yemen's Houthis claimed a ballistic missile strike on Saudi Arabia's largest refinery at Ras Tanura, capacity 550,000 b/d, causing a fire at the complex that includes a key Gulf export terminal. Saudi authorities did not immediately confirm the hit but reported intercepting missiles; satellite imagery later indicated damage to a processing unit. The attack adds to ongoing Houthi strikes on Saudi energy and civilian targets amid the wider regional conflict. Read →

Brent crude futures rose $1.59 or 1.4% to $115.47 a barrel and WTI gained $1.43 or 1.4% to $101.33 after Houthis struck Saudi Arabia's largest refinery with a ballistic missile. The attack renewed supply concerns from the key exporter following Tuesday's nearly $2 decline on diplomacy hopes. API data showed a 2.03 million barrel US crude stock draw, though analysts expect a small build; OPEC+ is set to hold December output targets steady on Sunday. Read →

Brent futures added $1.50 or 1.32% to $115.59 per barrel and WTI rose $1.47 or 1.47% to $101.37 as Tehran-backed Houthis claimed a ballistic missile hit on Saudi Arabia's Ras Tanura refinery. President Trump reiterated that the Iran war would end on US terms and that Tehran must be blocked from nuclear weapons. Israel's inconclusive election adds further uncertainty to regional dynamics. Read →

Front-month WTI futures rose 0.6% to $100.47 a barrel and Brent advanced 0.5% to $114.45 in Asian trade as traders focused on ground-level developments rather than diplomacy. Saudi Arabia confirmed it contained a fire near its biggest export terminal at Ras Tanura after the reported attack. ANZ analysts noted that supply risks to crude continue to increase despite earlier talks. Read →

Seven core OPEC+ members are expected to leave December production targets unchanged at their Sunday meeting, shifting focus to 2027 quota negotiations. Gulf producers are boosting exports disrupted by the Iran conflict but most remain well below targets. The group completed a phased rollback of 1.65 million bpd cuts in September and still has another 2 million bpd layer in place through year-end. Read →

Brent fell about 1% to $114.81 per barrel and WTI to $100.88 as Saudi, Turkish and Pakistani officials held talks in Tehran with Iranian leaders and agreed to continue discussions on easing Middle East tensions. Renewed Houthi attacks on Saudi Arabia kept risks elevated while Gulf exports and Hormuz flows remained constrained. The pullback reflects profit-taking after last week's surge to six-month highs near $117. Read →

Brent moved toward $115 and WTI near $101 after senior Saudi, Pakistani and Turkish officials traveled to Tehran for security talks, with participants agreeing to continue dialogue per IRIB reporting. Markets interpreted the moves as reducing near-term escalation risk ahead of Israeli and US elections. Prices had retreated from Friday's six-month highs driven by prior Houthi strikes and tanker attacks. Read →

Brent traded at $114.99 in early Asian hours after shedding nearly 1% on Monday while WTI hovered around $101. Traders cited diplomatic activity including Qatari mediation and the Tehran meetings, plus Iran's reported flexibility on reopening Hormuz in exchange for eased US restrictions. Persistent Houthi strikes on Saudi targets and US port blockades on Iran kept the risk premium intact. Read →

Saudi Aramco's Q3 net income is forecast to drop 17% to $27 billion as average oil prices eased from war-driven peaks, with analysts expecting the company to maintain its $22 billion quarterly dividend. CEO Amin Nasser emphasized long-term spending on export-route resilience over quick returns amid repeated Houthi attacks on facilities including the East-West pipeline. Production is expected around 10.2 million barrels per day in the quarter. Read →

December Brent futures fell 1.8% to $114.57/bbl and WTI dropped 2.2% to $100.96/bbl. Traders balanced fresh diplomatic outreach against renewed Houthi strikes on Saudi energy sites and airports. Middle East crude shipments through Hormuz have recovered substantially, limiting immediate supply impact. Read →

Brent traded toward $114/bbl and WTI below $101 after last week's six-month high. Trump said it is 'decision time' on Iran while Iran's foreign minister signaled restraint. Technical overbought signals reinforced the pullback amid mixed rhetoric. Read →

Saudi Arabia and Singapore announced an agreement for Aramco to store crude at Jurong Rock Caverns starting H2 2027. The move aims to strengthen Southeast Asia supply resilience after Hormuz and Red Sea disruptions. Aramco will sign an MoU with Singapore's energy regulator and JTC today. Read →

December Brent settled at $113.17 per barrel after rising 4%, its highest close since May 4. Iran-backed Houthis attacked Saudi Aramco's Shaybah oil field and other infrastructure, prompting Saudi Aramco to order evacuation of its Dhahran headquarters. US-Iran tensions added to supply disruption fears in the Middle East. Read →

Brent futures rose $4.35 or 4% to $113.17 per barrel. Attacks on Saudi targets and US orders for diplomats to leave Saudi Arabia heightened risks. Middle East crude exports remain above pre-conflict levels per Kpler data but shipping attacks persist. Read →

UAE Ministry of Climate Change and Environment detected a tanker oil spill impacting beaches. All beaches in Umm Al Quwain closed temporarily for assessment. Odors reported in nearby areas but no health risks identified. Read →

December Brent traded up $2.38 at $111.20 per barrel amid Houthi drone attack on Shaybah field. US State Department ordered nonemergency personnel out of Saudi Arabia. Middle East exports recovered above 24 million b/d per Kpler despite shipping threats. Read →

Commercial crude inventories dropped 3.1 million barrels to 412.5 million in the week ended Oct. 16. The draw exceeded analyst expectations and marked the third consecutive weekly decline. US crude production fell 410,000 b/d to 13.3 million b/d. Read →

US crude inventories fell 3.06 million barrels last week to 412.5 million, exceeding forecasts for an 820,000-barrel draw per EIA data. Brent settled at $108.82, up 3 cents, while WTI fell 67 cents to $97.15. Traders balanced the larger-than-expected draw and ongoing vessel attacks in the Gulf of Oman against hopes for Russia-Ukraine talks. Read →

The Department of Energy will loan up to 315,000 barrels from the 1-million-barrel Northeast Home Heating Oil Reserve, with deliveries by Nov. 13. The move targets diesel and heating oil price surges from Middle East and Ukraine supply disruptions. Energy Secretary Chris Wright called it a temporary measure ahead of winter and elections. Read →

Brent futures rose $2.82 to $111.64 and WTI gained $2.24 to $99.39 after fresh Houthi attacks on Saudi targets. IRGC reported four vessels hit in the northern Persian Gulf. Escalation sustains the geopolitical premium even as some flows recover. Read →

ExxonMobil took offline a 50,000-bpd catalytic reformer at its 275,000-bpd Joliet, Illinois refinery on Oct. 20 amid an operational issue. The unit produces high-octane reformate for gasoline blending. The shutdown adds to Midwest fuel supply tightness in a tight global products market. Read →

Brent crude futures rose $1.61 or 1.5% to $110.40 per barrel and WTI gained $1.45 or 1.5% to $99.27 as escalating tensions fueled supply disruption fears. At least 18 vessel attacks occurred over two weeks, with Iran targeting tankers beyond the Strait of Hormuz into the Gulf of Oman. API data showed US crude stocks fell 4.9 million barrels in the latest week, adding support. Read →

Brent futures climbed to as high as $110.70, the highest since May 20, before settling near $108.79 amid Houthi claims of strikes on Saudi Aramco sites in Yanbu and Shaybah plus airports. At least 18 vessels were attacked over two weeks per Kpler, keeping the geopolitical risk premium intact. ING analysts said prices remain well-supported by volatility. Read →

Brent held near $106 while WTI rose after a large US crude stock draw of 8.6 million barrels to 415.6 million. Discussions center on allowing legal oil on previously sanctioned vessels days after Trump waived some Russia sanctions. EIA data confirmed the draw exceeded analyst expectations of a small build. Read →

Brent for December fell 0.7% to $108.79 and WTI settled down 0.7% at $97.82 after hitting multimonth highs earlier. Traders weighed US-Iran diplomacy prospects against ongoing Middle East supply risks including Houthi strikes and tanker attacks. Deutsche Bank noted a US-Iran deal before midterms appears difficult. Read →

Brent futures rose 52 cents to $110.07 a barrel early Tuesday after Houthis claimed strikes on Saudi Aramco facilities in Yanbu and Shaybah plus Riyadh and Abha airports. At least 18 vessels faced attacks over two weeks, sustaining the geopolitical risk premium per Kpler. ING noted prices remain well-supported amid volatility with no signs of easing yet. Read →

December Brent dropped 1.0% to $108.72 and WTI 0.6% to $98.40 on Monday after Trump waived some Russia sanctions and tariffs. Kpler data showed Hormuz shipments at 10.17 million bpd, 41% below prewar levels, with total Gulf flows 19% lower. Morgan Stanley raised Q4 Dated Brent forecast to $105 citing freight costs, low inventories and risks. Read →

Crude benchmarks turned mildly firmer Tuesday following reported Houthi attacks on Saudi Arabia. WTI December settled up 0.48 at $98.54 while Brent December closed down 0.31 at $109.55 on Monday. Qatar's energy minister met Iran's acting oil minister in Doha to discuss cooperation. Read →

Brent settled 31 cents lower at $109.55 after profit-taking from the five-month high despite Houthi claims of strikes on Saudi energy and airports. WTI gained $2.25 to $103.66, its highest since mid-September. An oil tanker caught fire after striking a naval mine in the southern Strait of Hormuz, Iranian media reported. Read →

December Brent crude futures fell 1.8% to $107.86/bbl and WTI dropped 1.7% to $97.37/bbl Monday after President Trump signed an executive order Friday waiving sanctions and tariffs under the new Graham Act targeting Russia. The waiver follows a diesel export deal with Moscow and could boost Russian fuel supplies to global markets. Persistent Middle East tensions, including Houthi attacks and shipping risks in the Strait of Hormuz, limited further downside. Read →

Brent traded near $108/bbl Monday after jumping nearly 4% on Friday, as traders weighed signs of recovering Middle East crude flows against Trump's waiver of sanctions and tariffs on Russian energy shipments. US Energy Secretary Chris Wright said Persian Gulf oil flows had recovered to about 80% of pre-conflict levels, though refined product shipments remain constrained. The move follows a Trump-Putin diesel export deal aimed at easing global tightness. Read →

Brent futures dropped $1.80 or 1.64% to $108.06/bbl Monday after settling at their highest since May 19 on Friday, while WTI fell 53 cents to $100.88/bbl. Trump signed an executive order Friday suspending key sanctions under the Graham Act, potentially paving the way for higher Russian fuel exports following a diesel deal with Putin. Intensified attacks on vessels in the Strait of Hormuz and Middle East tensions had driven Friday's gains. Read →

President Trump signed an executive order Friday night exempting Russia from a new sanctions measure Congress passed last month under the Graham Act. The waiver offers an economic lifeline to Putin as the US seeks Russian help to lower global diesel and gasoline prices ahead of midterms. It follows Treasury's temporary lift of sanctions on Russian diesel exports and has drawn criticism from Ukraine and some lawmakers. Read →

Brent fell $1.98 or 1.8% to $107.88/bbl early Monday after settling at its highest since May 19 on Friday, while WTI was down over 1% near $100.25/bbl. Trump waived key sanctions and tariffs under the Graham Act in an executive order Friday, following a diesel export agreement with Putin that could add Russian supplies to global markets. Secretary of State Marco Rubio said the president will assess the waiver's economic impact over up to 60 days. Read →

IEA members agreed to complete the release of about 100 million barrels still outstanding from the March pledge, including over 20 million barrels of diesel as soon as possible. Members have already released 330 million of the original 400 million barrels. The move aims to boost supply and cool high fuel prices amid ongoing disruptions. Read →

EIA data showed US commercial crude stocks fell 8.6 million barrels to 415.6 million in the week to Oct 9, the steepest drop since February and far larger than the expected 288,000-barrel draw. Production fell 300,000 bpd partly due to Hurricane Isaias shut-ins. WTI settled at $97.97, up 3.03%. Read →

Brent fell 41 cents to $105.51 and WTI dropped 54 cents in early trade. Markets weighed the IEA's accelerated release of remaining emergency stocks against persistent Middle East risks. The Trump administration is considering easing some shadow fleet sanctions to lower freight rates. Read →

Brent fell $1.64 or 1.6% to $104.42/bbl and WTI dropped 98 cents or 1% to $94.11/bbl in early Thursday trade. Two ships sank near the Strait of Hormuz after projectile strikes amid surging Iranian attacks, while the Trump administration weighs easing sanctions on shadow-fleet tankers to cut freight costs. API data showed a surprise 11.1 million barrel US crude stock draw last week, larger than expected, but prices failed to rally on the bullish inventory news. Read →

Brent slid toward $104/bbl and WTI near $94 after rising earlier in the week. The IEA's October Oil Market Report cut its 2026 global oil demand forecast to a 2.6 mb/d decline, with diesel accounting for 25% of the drop due to high prices and war disruptions. Renewed Gulf attacks leave the September supply recovery fragile despite higher OPEC+ output. Read →

Brent settled around $106/bbl and WTI near $95 after a 1% gain Wednesday. Houthi attacks hit a Saudi Aramco building in Dhahran and a cargo ship sank in the Strait of Hormuz from unknown projectiles, while Russia accused Ukraine of striking two oil refineries. The IEA warned diesel markets will stay tight into 2027 as global inventories sit near decade lows. Read →

Brent December futures dropped 1.66% to $104.31/bbl and November WTI fell 1.09% to $94.05/bbl. A Singapore-registered ship sank in the Strait of Hormuz and Iran said it is counting the moments until striking US warships. The IEA October report cautioned diesel constraints will persist into next year amid fresh Saudi attacks threatening supply recovery. Read →

The IEA's October Oil Market Report forecasts world oil demand falling 2.6 mb/d in 2026, steeper than prior estimates, with diesel making up a quarter of the decline. Global supply rose 2.5 mb/d m/m to 102.3 mb/d in September on Gulf gains but is seen dropping 5.8 mb/d for the year overall. Renewed attacks leave the Middle East recovery fragile. Read →

Yemen's Houthis targeted an administrative building at Saudi Aramco's Dhahran headquarters on Tuesday evening, causing a limited fire that authorities extinguished with no injuries reported. The strike followed Saudi-led coalition attacks on Houthi oil and fuel facilities in Sanaa and other Yemeni sites. Escalating attacks on Saudi energy infrastructure heighten risks to Persian Gulf exports amid ongoing Iran-related disruptions. Read →

OPEC reported OPEC+ crude production averaged 39.07 million bpd in September, up 900,000 bpd from August, led by Saudi Arabia's jump to 8.372 million bpd. The group cut its 2026 global oil demand growth forecast to 180,000 bpd while raising the 2027 outlook to 2.55 million bpd to rebuild inventories depleted by the Iran war. Output remains well below pre-conflict levels despite the monthly rebound. Read →

Saudi Arabia reported to OPEC that its September crude production rose roughly 2 million bpd to 8.372 million bpd from a three-decade low in August. The rebound signals partial recovery in Gulf supply flows despite Strait of Hormuz disruptions from the Iran conflict. Output remains significantly below pre-war levels. Read →

Oil futures settled mixed Tuesday with Brent retreating after three days of gains while WTI edged higher as traders balanced persistent Middle East supply risks against prospects for additional Russian diesel exports. Analysts noted skepticism that the US-Russia diesel deal will meaningfully ease global distillate tightness. Attacks on shipping in the Strait of Hormuz and soaring freight costs sustained the geopolitical risk premium. Read →

Brent crude futures fell 0.57% to $106.04 a barrel while WTI dropped 0.5% to $93.27 a barrel Tuesday. Traders weighed additional Russian diesel supplies after Trump said Moscow agreed to boost exports and the US eased sanctions on Russian fuel. The move follows Brent's settlement at $106.65 on Monday, its highest since September 15. Read →

OPEC Secretary General Haitham Al Ghais said the group cut its 2026 global oil demand growth forecast to 400,000 barrels per day from 1.4 million bpd at the start of the year. The revision aligns with weaker-than-expected consumption amid disruptions. OPEC expects deferred demand to materialize as pent-up consumption in 2027. Read →

OPEC and non-OPEC ministers meeting in Riyadh said shipping and insurance costs have surged to over one-third of commodity value, impeding crude and product movement. The elevated costs add inflationary pressure on the global economy and weigh on growth for producers and consumers. Ministers stressed safeguarding maritime routes and will monitor the situation. Read →

Brent fell toward $105 a barrel and WTI was below $93 after rising more than 6% over three sessions on Middle East supply concerns. Diesel in New York declined a third day after Russia agreed to release more supply at Trump's request. Houthi drone and missile attacks on Saudi Arabia intensified regional pressure. Read →

Brent eased below $106 a barrel and WTI hovered near $93 Tuesday after climbing more than 6% in the prior three sessions. Traders assessed risks that widening West Asia conflict could stall regional supply recovery alongside uncertainty over Russian diesel exports. Supertankers have turned away from the Arabian Gulf amid Strait of Hormuz strikes. Read →

Brent crude slipped toward $103 per barrel and WTI traded below $91 as traders weighed resilient Persian Gulf exports near pre-war levels against renewed Houthi strikes on Riyadh airport and a tanker attack in the Strait of Hormuz. President Trump’s claim of an immediate Russia-Ukraine energy ceasefire and a US-Russia diesel supply deal added downward pressure, though Zelenskyy awaits details and volumes remain small relative to global demand. Middle East crude exports have rebounded to 17.5 million barrels per day, or 98% of pre-war levels per JPMorgan, limiting the immediate supply impact. Read →

December Brent futures fell 0.2% to $104.53 per barrel and WTI dropped 0.4% to $90.69 per barrel as markets assessed prospects for more Russian diesel supplies and a potential energy ceasefire between Russia and Ukraine. Brent briefly climbed above $105.50 after Houthi attacks on Riyadh airport but reversed gains amid the supply optimism. Persistent Middle East risks, including tanker attacks, continued to support prices above $100 for Brent. Read →

Brent rose 0.73% to $105.48 per barrel and WTI gained 0.64% to $92.44 per barrel early Monday after Houthis claimed responsibility for a strike on Riyadh airport that killed 13 and injured hundreds, with a follow-up attack reported Sunday. Two tankers were hit over the weekend in the Strait of Hormuz and near Sohar, Oman, threatening to slow the September recovery in Middle East exports. Goldman Sachs raised its December Brent forecast to $90 per barrel from $85, citing a risk premium of over $20. Read →

Brent steadied near $104 per barrel while WTI traded around $91.50 as President Trump’s announcement of a deal to buy Russian diesel drew bipartisan criticism from US senators. Trump said Russia would supply over 300,000 tons immediately, plus 500,000 tons in November and more later, aiming to ease fuel price pressure ahead of midterms. The move followed his claim of a Russia-Ukraine energy ceasefire, though volumes are tiny compared with global diesel needs. Read →

Front-month Brent fell 1.2% to $103.43 per barrel and WTI dropped 1.6% to $90.37 per barrel in Asia despite Houthi missile attacks on Riyadh airport that killed at least 12. Hopes that Russia would lift a partial diesel export ban and ship hundreds of thousands of tons provided relief to a tight diesel market. Analysts noted the announced volumes are small and depend on Ukraine’s strikes on Russian refineries continuing. Read →

Brent eased below $103/bbl and WTI near $91 after Trump posted that the US would not attack Iran before midterms, citing productive discussions and record Hormuz flows excluding Iranian barrels. The move followed Thursday's 4%+ surge driven by tanker attacks and Gulf production cuts. US sanctions on Iranian shipping networks remain in force. Read →

Brent closed down 38 cents at $100.20/bbl and WTI fell $1.16 to $88.28/bbl as the IEA agreed to speed up releases of up to 100 million barrels, prioritizing diesel. US crude stocks drew 3.2 million barrels to 424.1 million in the week to Oct 2, beating expectations for a build. France plans to release 10 million barrels of diesel from reserves. Read →

Iranian and Houthi attacks on tankers in the Strait of Hormuz and Saudi targets including Riyadh airport lifted oil prices sharply. Gulf producers continue using US-protected convoys and ship-to-ship transfers despite elevated risks and insurance costs. Brent settled at $104.27/bbl, up 4.1%, with WTI at $91.87/bbl. Read →

Saudi, UAE and Iraq crude exports exceeded pre-war averages near 18 million bpd in the week to Oct 3 as Hormuz traffic recovered, per Kpler. Global supply deficit is forecast to narrow to 250,000 bpd in October from 4 million bpd in May. Brent remains above $100/bbl as shipping attacks and high freight rates persist. Read →

Brent climbed $2.28 to $102.28/bbl and WTI gained $1.66 to $89.94/bbl Thursday as attacks on tankers in the Strait of Hormuz reached their highest weekly level since the Iran war began, with a vessel struck north of Qatar. Gulf producers continue pushing exports despite risks and high freight/insurance costs. US Gulf of Mexico operators shut in 25% of oil output and 16% of gas due to approaching Hurricane Isaias. Read →

Shell flagged its indicative Q3 refining margin at a record $42/bbl, up from $24/bbl in Q2 and well above the prior 2022 high, driven by tight global diesel and product supplies from Middle East shipping constraints and Russian refinery outages. Utilization fell to 93-97% amid Rhine River issues. The update signals strong downstream earnings for the major ahead of its October 29 results. Read →

Shell evacuated personnel and shut in production at Mars, Olympus, Ursa, Vito and Appomattox; Chevron initiated shut-ins at four facilities as Tropical Storm Isaias approaches the northern Gulf Coast and is forecast to strengthen into a hurricane. The Marine Minerals Administration reported 511,619 b/d oil (25.08% of Gulf output) and 350 MMcf/d gas shut in as of Wednesday, with eight platforms and two rigs evacuated. Read →

The US Energy Information Administration lifted its 2026 Brent average forecast 8% to about $98 a barrel and Q4 to $105, up $14 from prior estimates, citing rapid global inventory draws and tight diesel markets from the Iran conflict. It sees Middle East shut-in output averaging 4.5 million bpd in Q4 2026 before falling to 2.7 million bpd in Q1 2027 as flows recover. US crude production is projected to hit a record 14.3 million bpd in 2027 while Brent averages $84 in 2027 as inventories rebuild. Read →

Industry executives at a London forum said accessible commercial oil inventories have fallen below 6 billion barrels after more than 1 billion barrels drawn since the Middle East crisis began, with US Strategic Petroleum Reserve at its lowest since October 1982. Saudi Aramco CEO Amin Nasser said refilling stockpiles after emergency releases could take two years amid stretched supplies. IEA preparations for a 100 million barrel crude and diesel release underscore the depleted buffer raising oil's price floor. Read →

December Brent settled up 0.3% at $100.58 after swinging from a $97.06 low while November WTI ended flat at $89.44. Saudi East-West pipeline flows hit 5.8 million bpd per Energy Minister Prince Abdulaziz bin Salman and Hormuz seven-day average shipments reached 10.3 million bpd or 76% of pre-war levels per Kpler. UK Maritime Trade Operations reported a tanker hailed by Iran's IRGC near Khasab and renewed fighting near Bab al-Mandeb offset the recovery with persistent tanker and chokepoint risks. Read →

Brent fell 1.9% to $100.32/bbl and WTI 1.8% to $89.43/bbl on Monday. Shipping data showed Middle East crude exports topped pre-war levels on four of the final seven days of September despite Hormuz attacks. G7 nations agreed Friday to release 100 million barrels of crude and diesel from emergency reserves after U.S. pressure. Read →

Brent traded near $99.49/bbl and WTI near $88.43/bbl early Tuesday. Gulf flows excluding Iran reached 81% of pre-war levels in September led by Saudi recovery. Houthis claimed strikes on Saudi Aramco sites amid Yemen offensive; Iranian exports hit zero due to U.S. blockade. Read →

WTI traded around $89.30 in Asian hours Monday. OPEC+ kept November production targets unchanged as expected. G7 reserve release and recovering Middle East flows added supply pressure while producers pumped below quotas amid conflict disruptions. Read →

Brent steadied near $101/bbl and WTI below $90 after Monday's drop. Gulf producers moved larger volumes through Hormuz with tankers accepting risks. Saudi Aramco cut Arab Light prices for Asia to six-year lows signaling looser physical supply. Read →

Seven core OPEC+ members kept November production targets unchanged in a brief Sunday meeting, matching expectations amid export disruptions from the Iran conflict. Gulf output remains 5 million bpd below pre-war levels even as nominal targets hold, keeping the market tight with Brent above $100/bbl. Read →

Saudi Aramco set November Arab Light OSP to Asia at a $5/bbl discount to Oman/Dubai averages, the widest since June 2020, while raising prices to northwest Europe by $3/bbl. The surprise cut compensates Asian buyers for record freight rates from ship-to-ship transfers and longer routes amid Hormuz disruptions. Read →

Middle East crude exports have nearly returned to pre-war levels, yet Brent stays above $100/bbl, 40% higher than before the Iran conflict, due to tanker shortages, higher insurance and freight costs, and lingering infrastructure risks. The elevated prices continue to pressure global inflation and demand. Read →