Oil

Brent fell about 3% to near $99.50/bbl and WTI dropped over 3% as EU countries discussed releasing 50 million barrels of diesel plus IEA crude stocks in response to US pressure, easing refined-product tightness. Middle East crude flows continue recovering while China’s October fuel export suspension and a third US carrier deployment keep risk premiums in place. The moves highlight that the core stress has shifted from crude to diesel and other refined products. Read →

The Pentagon is sending the USS Theodore Roosevelt carrier strike group plus Marine units, adding 9,000, 10,000 personnel by end-November, on top of two carriers already in the region. The deployment gives President Trump additional options if he decides to resume strikes on Iran after the midterms. Markets priced the news into Thursday’s rally alongside the China export halt. Read →

EU governments discussed a French proposal to release 50 million barrels of diesel and 50 million barrels of crude from IEA stocks to counter US threats of a diesel export ban. The talks aim to ease acute product tightness without addressing underlying crude supply. European gasoil futures fell more than 5% on the news. Read →

Brent November settled up 91 cents at $103.50/bbl and December up $1.87 at $98.03; WTI rose $1.04 to $90.42. US gasoline stocks fell 1.7 million barrels to 204.4 million and distillates dropped 2.3 million to 105.2 million per EIA data. Stalled talks and tight US fuel markets offset some supply recovery signals. Read →

JPMorgan estimated Mideast crude exports at 17.5 million b/d or 98% of pre-war levels; Goldman put Gulf exports at 23.3 million b/d including dark shipments, matching 2025 averages. The rebound came via Saudi East-West pipeline restart and Hormuz shuttle operations despite ongoing war risks. Read →

US Navy and Gulf producers improved evasion of Iranian attacks, allowing more tankers through the Strait of Hormuz. Exports from Saudi Arabia, UAE and Iraq reached nearly 13 million b/d or 80% of pre-war levels per Kpler, reducing Iran's leverage in talks. Read →

Brent fell 1.1% to $96.92/bbl and WTI 1.4% to $89.18/bbl in early trade. US crude inventories rose 922,000 barrels to 427.3 million versus expected draw; Saudi Yanbu loadings resumed while OPEC+ is expected to hold November targets steady. Read →

Core OPEC+ members including Saudi Arabia and Russia are expected to maintain existing crude production quotas for October at their weekend video conference, ratifying the prior roadmap with no further adjustments. The group has nominally completed the reversal of 2023 cuts and will focus on a broader 2027 production capacity review and baselines ahead of the November ministerial meeting. The decision comes amid Middle East supply disruptions that have limited OPEC+'s market influence. Read →

President Trump posted on Truth Social that reports of offering Iran sanctions relief or releasing frozen funds for nuclear steps were untrue, stating he offered 'NOTHING.' Qatar continues mediating indirect talks, with Iran's foreign minister receiving US feedback on a seven-day Hormuz reopening plan. Oil prices edged higher early Wednesday on the news, with Brent near $103/bbl. Read →

US commercial crude inventories (ex-SPR) rose 3.0 million barrels to 426.4 million barrels in the week ended Sept. 18, above analyst expectations for a draw and 2% above the five-year average. Refinery utilization fell to 94% with crude inputs down, while SPR stocks declined further to 284.6 million barrels, the lowest since 1982. The next weekly report is due Sept. 30. Read →

Brent rose 1.4% to $106.77 per barrel and WTI gained 1.5% to $93.94 amid persistent supply disruption worries from the US-Iran conflict outweighing recovering regional exports. Higher shipments from Saudi Arabia and UAE lifted September Gulf volumes but failed to ease Hormuz-related uncertainty. Read →

Brent settled at $105.28 per barrel, up 96 cents, and WTI at $92.60, up 19 cents, after an early surge on Trump's rejection of Iran's Hormuz proposal faded on expectations of Qatari-mediated talks. Supply uncertainty from the Strait of Hormuz kept a risk premium in place despite diplomatic efforts. Read →

Brent futures advanced toward $108 a barrel and WTI climbed above $94 after Iran refused to soften conditions for reopening the Strait of Hormuz. President Trump rejected Tehran’s latest proposal transmitted via Qatar but said he expects negotiations to resume this week. The stalemate revives near-term supply disruption risks through the waterway that handles about 20% of global oil trade before the conflict. Read →

Brent rose more than 3% to $107.75 a barrel and WTI gained over 2% as Trump rejected Iran’s UNGA proposal for a quick Hormuz reopening. Houthis launched missiles and drones at Saudi targets, intercepted by the Saudi-led coalition. Mideast crude exports rebounded to 12.8 million bpd in September, the highest since February, with Hormuz flows set for about 7.4 million bpd amid Saudi rerouting from Yanbu. Read →

Kpler data showed key Gulf producers shipping 12.8 million bpd in September, up sharply from August lows, driven by Saudi and UAE increases. Saudi diverted cargoes to Ras Tanura after East-West pipeline damage forced Yanbu shutdown. Hormuz throughput recovered toward 7.4 million bpd this month but remains well below pre-war levels. Read →

Brent futures rose $1.65 to $106 a barrel and WTI added nearly $1 after Trump rejected Iran’s proposal for resolving the conflict and reopening Hormuz. The move keeps geopolitical risk premium in place despite some supply recovery via alternative routes. Record US diesel prices continue to pressure refined-product markets and widen the Brent-WTI spread. Read →

Global observed inventories fell another 95 million barrels in August, the largest monthly draw since the conflict began, for a cumulative 507 million barrel decline or 2.8 million bpd average. Refining margins hit records in the Atlantic Basin on diesel cracks while tanker traffic and on-water stocks declined further. The IEA highlights shrinking buffers and stretched refining amid Middle East disruptions. Read →

Brent climbed toward $105.07 and WTI to $93.69 amid stalled US-Iran talks and Saudi Aramco extending Yanbu shipment suspensions to Europe into November after drone damage to the East-West pipeline. US distillate stocks fell sharply last week while crude inventories built by 3 million barrels. Tehran reportedly issued a one-week ultimatum on lifting the US naval blockade, supporting prices. Read →

Brent eased toward $106 after gains of more than 7% over two days as US and Iranian negotiators explored a phased deal for Tehran to reopen the Strait of Hormuz during UNGA talks. WTI traded below $94. Supply gauges showed extreme tightness with record premiums at Cushing and a widening Brent-WTI spread to its largest since May. Read →

Saudi crude shipments in September reached the highest level since the Iran war began as the kingdom ramped up exports through the Strait of Hormuz following the East-West pipeline attack. Loadings from Gulf terminals surged, with nearly 100 million barrels sold to Asian buyers for October-November delivery. This shift helps offset Red Sea route disruptions but keeps tanker traffic concentrated in Hormuz. Read →

Brent traded toward $102/bbl and WTI near $91 after Wednesday's surge amid mixed Hormuz transit signals. US Treasury Secretary Scott Bessent noted up to 17 million barrels sometimes transiting daily while Clarksons data showed lower recent volumes; Iranian President Pezeshkian reiterated openness to talks without yielding to threats or allowing navigation under sanctions. Diesel futures reacted to export ban speculation later denied by the White House. Read →

Brent held near $99.41/bbl and WTI near $90.02/bbl on Wednesday near session lows after Tuesday's declines. Saudi Arabia restarted East-West pipeline flows to Yanbu and increased Hormuz loadings; a senior Iranian official told Reuters Hormuz could reopen in seven days if the US eases pressure and lifts port blockades. US crude inventories rose 1.8 million barrels in the week to Sept 18, adding to supply optimism. Read →

Brent dropped $1.09 to $98.16/bbl and WTI $1.50 to $89.01/bbl on Wednesday, marking six straight declines. Saudi Arabia restarted East-West pipeline operations and Iraq's oil minister said exports exceed 3 million bpd with Turkey route expansion planned. US crude stocks built 1.8 million barrels against analyst expectations for a draw, reinforcing the improved Middle East supply picture amid diplomatic hopes. Read →

Saudi Arabia restarted its East-West Pipeline on Tuesday after a drone-induced shutdown on Sept 11, with flows initially low but aimed at restoring up to 4 million bpd rerouted to Yanbu. Iraq boosted exports above 3 million bpd and plans further increases via Turkey. US crude stocks rose 1.8 million barrels versus expectations of a draw, adding downward pressure on Brent and WTI, which fell for a sixth straight session. Read →

Brent fell toward $98 a barrel, extending losses for a sixth day and more than 9% overall, the longest such streak since August 2025. Saudi Arabia advanced restart of its key East-West pipeline while US officials reported a productive meeting with Iranian representatives at the UN, raising hopes for talks to end the seven-month conflict. Read →

Saudi Arabia restarted operations on its East-West Pipeline Tuesday, with exports from Yanbu potentially resuming the same day, per three sources. The line had been shut since Sept 11-13 drone attacks blamed on Iraqi militia; it had rerouted 4 million bpd around the disrupted Strait of Hormuz. Aramco seeks to ramp pumping back toward 4 million bpd capacity, though full restoration may take weeks. Read →

Brent and WTI stayed near multi-week lows Wednesday amid Saudi pipeline restart and rising US crude inventories of 1.8 million barrels. Hopes for US-Iran diplomatic progress at the UN further reduced risk premium in the market. Read →

Crude prices reversed recent losses Tuesday with Brent near $101.69 and WTI at $93.38. The move reflected short-covering ahead of UNGA diplomatic developments rather than a shift in fundamentals. Speculative longs on Brent reached the highest level since May. Read →

Brent November futures fell as low as $99.51 per barrel Monday on easing supply concerns. WTI October dropped over 5% to $95. Houthi attacks on Saudi infrastructure prompted Aramco to reroute more crude through Hormuz, with satellite data showing 2.9 million bpd average flows. Read →

Brent and WTI touched their lowest levels since September 10 on Monday. Markets priced out some risk premium after Trump signaled possible talks with Iran this week at the UN. Saudi Aramco increased Hormuz exports this month and next after East-West pipeline attacks. Read →

Brent fell to $101.71 a barrel, down over 2%, as Saudi exports recovered above 4 million bpd in September per Kpler data. Flows through Hormuz averaged higher than recent months despite lower weekend traffic. Houthis struck Riyadh and Yanbu sites over the weekend. Read →

Brent dropped $2.16 or 2.1% to $101.70 while WTI fell to $98.20. Recovery in Saudi shipments through Hormuz and ship-to-ship transfers off Oman eased immediate supply fears. Attacks on the East-West pipeline shifted more volumes to the strait. Read →

Brent reached $101.69 as traders removed part of the geopolitical premium. JPMorgan noted Middle East flows averaged 17.1 million bpd recently, only 6.1 million bpd below 2025 levels. Aramco plans significant Ras Tanura loadings for September-October via Gulf routes. Read →

WTI fell toward $101/bbl and Brent ended below $105 after shedding nearly 4% over two sessions. Saudi Arabia is ramping up prompt sales of crude outside the Strait of Hormuz and aims to restore half the East-West pipeline capacity within days following drone damage. Tankers continue limited transits through the Hormuz strait amid ongoing US-Iran diplomacy focus. Read →

November Brent traded down $1.98 at $103.85/bbl and October WTI down $1.45 at $100.98/bbl midday Thursday. Saudi Arabia shifted loadings away from Yanbu and resumed some regional flows after East-West pipeline damage. US crude stocks fell 640k barrels last week while gasoline and distillate inventories rose; Hormuz traffic stays far below pre-war levels. Read →

Brent fell 79 cents or 0.75% to $104/bbl and WTI fell 70 cents or 0.69% to $101.20/bbl. Saudi pipeline repair expectations and extra Oman loadings offset Yanbu suspension and Europe delivery cancellations. Fresh Saudi-Houthi fighting expanded the conflict front but had limited immediate price impact. Read →

Saudi Arabia offered more crude loadings to Asian refiners via ship-to-ship transfers off Oman’s Sohar port after attacks shut its East-West pipeline and suspended Yanbu loadings. Brent fell $1.24 (1.2%) to $104.59/bbl and WTI $1.14 (1.1%) to $101.29/bbl, extending Wednesday’s $3+ drop. The moves partially offset lost Red Sea exports while Hormuz traffic stayed low. Read →

Brent settled down 2.7% at $105.83/bbl and WTI lost 3.2% to $102.43/bbl, retreating from four-month highs. EIA reported a 640k bbl U.S. crude draw (smaller than expected) while gasoline and distillate stocks built; European refiners paid record premiums for Johan Sverdrup crude as Saudi delays hit Red Sea flows. Read →

API data indicated a 7.1M bbl U.S. crude inventory build for the week ended Sept. 11 versus expected 1.6M bbl draw, with gasoline and distillate also rising. Brent fell 0.86% to $107.82/bbl and WTI 0.92% to $104.86/bbl even as Yanbu loadings remained suspended after the East-West pipeline attack. Read →

Aramco aims to return about half the East-West pipeline capacity within days via bypass work after drone attacks shut the line on Sept. 10. Full restoration is eyed in about six weeks; the outage had forced European cargo cancellations and prompted Asian reroutes via Oman. Read →

Brent fell toward $108/bbl and WTI near $105 after a two-day rally on Middle East supply fears. The pullback followed a large US inventory build and technical signals that gains looked overdone. Disruptions from the Saudi East-West pipeline shutdown and Libya supply halt remain in focus. Read →

Saudi Arabia closed its East-West pipeline as a precaution after drone strikes blamed on Houthis and Iraqi militias. The line had rerouted up to 4-5M bpd around the disrupted Strait of Hormuz. Houthis also seized a key Red Sea island near Bab el-Mandeb, widening supply route risks. Read →

Shipping sources reported Saudi Arabia suspended crude loadings at Yanbu following the East-West pipeline attack. Riyadh canceled some European cargoes and shifted some Asian volumes to ship-to-ship transfers off Oman. The outage threatens a key Hormuz bypass route carrying 4% of global supply. Read →

Saudi Arabia canceled select September cargoes to Europe after the pipeline shutdown. Poland's Orlen is seeking alternative supplies amid the disruption. The moves underscore immediate physical market tightness from the Red Sea route impairment. Read →

Brent futures settled at $105.68 per barrel, up $1.07 or 1.0%, while WTI rose $1.34 or 1.3% to $101.39. New Houthi missile and drone strikes on a Saudi airbase and the prior shutdown of the East-West pipeline after Iraq-based attacks reduced alternative export capacity. Strait of Hormuz transits fell to single digits, threatening up to 4% of global supply and sustaining the risk premium. Read →

Brent surged over 2% to around $106.72 and WTI to $102.15 after Houthi forces advanced on Bab el-Mandeb and struck Saudi targets, forcing closure of the East-West pipeline. Planned Iran-Gulf talks on a Hormuz shipping lane were postponed. The outage risks 4% of global supply and has driven an 8% weekly gain. Read →

Brent jumped as much as 4.5% to $109.29 intraday while WTI rose over 4% after Houthi attacks on Saudi infrastructure and a pipeline shutdown. Gulf states canceled Monday talks with Iran on Hormuz navigation. The moves compounded existing constraints from low Strait of Hormuz transits. Read →

Brent traded above $107 extending Monday's 1% gain while the East-West pipeline stayed shut, with outage estimates of several weeks from some sources. Saudi Arabia is boosting Hormuz shipments to compensate. Iran signaled no talks with the US until conditions are met, keeping supply risks elevated. Read →

Oil prices rose more than 2% on Monday after Saudi Arabia shut its East-West pipeline following drone attacks from Iraq, threatening up to 4% of global supply routed around the Strait of Hormuz. Fresh Houthi strikes on Saudi targets and Iranian attacks on a vessel in the Gulf added pressure, while a planned Iran-Gulf meeting in Oman on Hormuz shipping was postponed. Brent reached $107.51 per barrel and WTI $102.32, extending last week's 8% rally. Read →

Oman postponed a Monday meeting in Salalah between Iran and Gulf states on Strait of Hormuz shipping arrangements to allow conditions for constructive dialogue. The Omani foreign minister cited the need for consensus; Iran confirmed the joint decision followed requests from some regional countries including Bahrain's refusal to attend. The delay removes near-term diplomatic relief for disrupted tanker flows. Read →

The IEA lowered its 2026 global oil demand forecast to a 2.5 million bpd decline, 940,000 bpd steeper than last month, citing the Iran war's impact on flows and high fuel prices. World supply is now seen falling 5.7 million bpd this year, with full Gulf recovery delayed until 2027. Saudi output hit its lowest in over three decades at 6 million bpd in August amid attacks and blockades. Read →

Brent and WTI remained on track for their strongest weekly gain since mid-July despite Friday slips, with weekly advances near 13%. US diesel prices hit a record above $6/gallon for the first time. Houthis advanced on Red Sea coastal areas and tanker attacks continued, keeping Hormuz transits in single digits. Read →

Brent briefly topped $109/bbl as Saudi Arabia reported August output at its lowest since 1990 and Houthis pushed toward the Bab el-Mandeb Strait. Tehran resumed ballistic missile production, per WSJ, while the US-Iran conflict showed no signs of quick resolution. The moves compounded shipping disruptions and inventory tightness. Read →

Russian crude production averaged 8.718 million b/d in August, down 160k b/d from July per OPEC secondary sources, the largest monthly drop since December. Ukraine intensified strikes on Russian oil assets, widening supply-side pressure alongside Middle East disruptions. Read →

OPEC lowered its 2026 world oil demand growth forecast to 380k b/d, the fifth straight cut. The revision came as OPEC output fell 640k b/d in August amid Saudi export disruptions and a US blockade on Iran shipments. Read →

The US Energy Information Administration lifted its 2026 Brent forecast nearly 5% to about $91/bbl and WTI to $84.65/bbl after global inventories fell 400 million barrels this year. Middle East output shut-ins rose to 6.7 million bpd in August from 5 million bpd in July, with attacks on Bab el-Mandeb exports adding pressure. The agency expects stocks to keep declining through year-end, keeping prices elevated. Read →

Brent futures rose 3.4% to settle at $101.21/bbl, the highest close since May 22, after US forces sank five Iranian tankers and Iran attacked ships near Hormuz. About 10 million bpd of Middle East exports remain offline, with US SPR at its lowest since 1982 and global stocks drawn down sharply. The move signals vulnerability after months of supply losses and inventory depletion. Read →

Brent held near $101/bbl as Iran vowed readiness for more intense war following US strikes on its tankers. WTI traded above $96/bbl. US Energy Secretary Chris Wright noted just under 11 million bpd moving through Hormuz, while diesel prices hit records and US distillate inventories are forecast to fall to multi-decade lows. Read →

Front-month Brent traded around $100.42-$101.84/bbl after US destruction of five Iranian tankers and renewed Iranian threats. HSBC raised its 2026 Brent forecast to $90/bbl from $80, citing constrained Hormuz flows expected to rise only gradually to 8-9.5 million bpd by mid-2027 versus pre-conflict 19-20 million bpd. China buying remains a key variable for the rally. Read →

Brent futures rose over 2% to top $100 a barrel for the first time since July 24 as US forces destroyed five Iranian oil tankers in response to missile threats on a US warship. Houthi attacks on Saudi energy sites and Iranian retaliation further tightened flows through the Strait of Hormuz, where volumes have dropped sharply since February. Banks including Goldman Sachs raised price forecasts assuming prolonged disruptions into 2027. Read →

Brent reached $100.06 a barrel and WTI hit $94.70 as the US military destroyed five Iranian crude carriers near Kharg Island and in the Gulf of Oman. The strikes followed Iranian attempts to hit US warships and coincided with Houthi attacks on Saudi facilities that set oil installations ablaze. Physical buffers are eroding as Hormuz flows remain severely constrained. Read →

Brent topped $100 for the first time since July after US strikes on five Iranian tankers carrying crude near Kharg Island, the main export hub. Renewed US-Iran fighting and Houthi strikes on Saudi sites deepened fears of extended Hormuz disruptions. Stronger Chinese buying added support as refiners sought alternative supplies. Read →

Brent settled at $97.92 and WTI at $93.03 after Houthi strikes hit Saudi energy facilities in four southern cities, wounding dozens and igniting installations. The attacks mark a major expansion of the six-month conflict and threaten Red Sea routes as an alternative to Hormuz. Goldman Sachs and other banks raised 2026-2027 price outlooks. Read →

WTI climbed above $94 to a three-month high after US Central Command destroyed five Iranian crude carriers following ballistic missile attempts on a US Navy ship. Iran responded with strikes toward Jordan and warnings to vessels near Hormuz ports. Houthi attacks also hit Saudi sites including the Jazan refinery. Read →

US Central Command struck three Iranian oil tankers, including one off Kharg Island, after IRGC missiles targeted US Navy ships; one tanker sank in the Gulf of Oman. Iran claimed it hit three tankers on unauthorized Hormuz routes plus US-linked vessels. No casualties reported, but the exchanges mark a major escalation in the maritime conflict over the strait. Read →

US forces permanently disabled two Iranian crude carriers (M/T Downy near Kharg Island, M/T Stark 1 near Jask) and destroyed the unladen M/T Kylo in the Gulf of Oman after IRGC ballistic missile launches at US warships. CENTCOM called the vessels part of a shadow network funding the IRGC and proxies, vowing higher economic costs for attacks on US ships. Read →

Brent rose nearly 1.5% to $97.60/bbl, its highest in seven weeks, after weekend US-Iran vessel strikes and Iran's planned Hormuz restricted zone. Diesel prices hit record highs last week amid the supply concerns. The moves add to inflation risks ahead of key US CPI data, with ECB and other central banks seen hiking rates. Read →