Brent Crude Approaches $100

2026-10-01 11:02 By Agna Gabriel 1 min. read

Brent crude rose toward $100 a barrel on Thursday as reports of tighter Chinese fuel supplies added to concerns over an already disrupted global market.

PetroChina has reportedly withdrawn several gasoline and jet-fuel cargoes scheduled for October, with Beijing seeking to preserve domestic inventories.

The move comes as energy markets continue to absorb disruptions linked to the conflict involving the US and Iran, as well as the war in Ukraine.

At the same time, concerns over outright crude shortages have eased somewhat after Saudi Arabia resumed tanker loadings at Yanbu following the restart of its East-West pipeline.

Middle Eastern crude shipments were approaching pre-war levels, although refined fuel availability, particularly gasoline, remained tighter.

Investors are also monitoring diplomatic developments, with uncertainty surrounding US-Iran negotiations persisting after indirect discussions involving mediators were held during the UN General Assembly.



News Stream
Brent Crude Approaches $100
Brent crude rose toward $100 a barrel on Thursday as reports of tighter Chinese fuel supplies added to concerns over an already disrupted global market. PetroChina has reportedly withdrawn several gasoline and jet-fuel cargoes scheduled for October, with Beijing seeking to preserve domestic inventories. The move comes as energy markets continue to absorb disruptions linked to the conflict involving the US and Iran, as well as the war in Ukraine. At the same time, concerns over outright crude shortages have eased somewhat after Saudi Arabia resumed tanker loadings at Yanbu following the restart of its East-West pipeline. Middle Eastern crude shipments were approaching pre-war levels, although refined fuel availability, particularly gasoline, remained tighter. Investors are also monitoring diplomatic developments, with uncertainty surrounding US-Iran negotiations persisting after indirect discussions involving mediators were held during the UN General Assembly.
2026-10-01
Brent Rises on Middle East Uncertainty
Brent crude rose toward $100 per barrel on Thursday, reversing losses from earlier in the session as investors weighed signs of rising Middle East energy flows against an ongoing impasse in US-Iran negotiations. Crude shipments from the region were approaching pre-war levels, with estimates indicating flows through the Strait of Hormuz reached 13.2 million barrels per day, while Saudi Arabia restored half the capacity of its East-West pipeline. However, markets remain cautious about the sustainability of the recovery without a lasting agreement to end the Iran war, with both Tehran and Washington claiming full control over Hormuz. Meanwhile, Iranian government spokesperson Fatemeh Mohajerani said Tehran had received a US proposal concerning the reopening of the strategic waterway. Elsewhere, OPEC+ is expected to leave November output quotas unchanged at its meeting this weekend.
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Brent Slips on Improving Middle East Flows
Brent crude fell toward $97 per barrel on Thursday, paring gains from the previous session as signs of a recovery in Middle East flows overshadowed ongoing impasse in US-Iran negotiations. Crude shipments from the region were nearing pre-war levels after Saudi Arabia restored half the capacity of its East-West pipeline, while flows through the Strait of Hormuz climbed to 13.2 million barrels per day. However, markets remain cautious about the durability of the recovery without a lasting agreement to end the Iran war, with both Tehran and Washington claiming full control over the strategic waterway. Meanwhile, Iranian government spokesperson Fatemeh Mohajerani said Tehran had received a US proposal regarding the reopening of the strait. Elsewhere, OPEC+ is expected to keep November output quotas unchanged at its meeting this weekend.
2026-09-30