Brent Approaches $102

2026-10-07 14:45 By Joana Taborda 1 min. read

Brent prices edged higher on Wednesday, approaching $102 a barrel, as concerns over further supply disruptions in the Middle East intensified despite signs that crude flows are gradually recovering.

The Houthis claimed new attacks on airports and military facilities in Saudi Arabia on Wednesday, while a spokesperson for the Saudi-led coalition fighting the Houthis said a ballistic missile had been intercepted north of Riyadh.

Meanwhile, reports showed Iran has intensified attacks on tankers in the Strait of Hormuz in recent days.

Despite the latest developments, energy flows from the Persian Gulf are showing signs of recovery.

Tankers have continued to pass through the Strait of Hormuz, albeit discreetly, despite heightened security risks, while Saudi Arabia’s East-West oil pipeline has restored crude pumping capacity to 5.8 million barrels per day.

In the US, EIA data showed that crude inventories fell by 3.186 million barrels last week, the largest weekly draw in five weeks.



News Stream
Brent Rises on Fears of US-Iran Escalation
Brent prices climbed toward $101 per barrel on Thursday, reversing losses from the previous session following reports that the Trump administration had instructed the Pentagon to develop strike options against Iran that could be carried out before the midterm elections. The development goes against the widely held expectation that President Donald Trump would refrain from escalating tensions with Tehran ahead of the November polls. Meanwhile, oil producers in the Gulf of Mexico shut in more than 510,000 barrels per day of crude output, equivalent to around a quarter of the region’s production, due to Tropical Storm Isaias. In the Middle East, oil exports have been gradually returning to prewar levels in recent weeks, although attacks on tankers in the Strait of Hormuz continued to threaten supply. Iranian-backed Houthis also attacked targets in Saudi Arabia, leading to a fresh wave of strikes by the Riyadh-led coalition against positions in Yemen.
2026-10-07
Brent Crude Dips on Easing Supply Concerns
Brent crude eased below the $101-per-barrel mark on Wednesday, extending a slide from September's two-month peak on signs of easing Middle Eastern supply risks. Saudi Arabia cut official selling prices for its flagship crude grade to $5 below the regional benchmark as tankers were able to depart the Persian Gulf with full cargoes. Evidence of a pickup in export volumes from regional OPEC+ producers coincided with reports that US and Iranian officials were holding talks with regional authorities this week. Further easing supply concerns, Saudi Arabia said its East-West pipeline was operating at full capacity, diverting up to 5.8 million bpd of crude to the Red Sea. Still, shipping costs remained elevated following reported strikes against vessels in the Strait of Hormuz. Stateside, EIA data showed crude stockpiles fell by over 3 million barrels last week, while the Strategic Petroleum Reserve remained pinned near multi-decade lows.
2026-10-07
Brent Approaches $102
Brent prices edged higher on Wednesday, approaching $102 a barrel, as concerns over further supply disruptions in the Middle East intensified despite signs that crude flows are gradually recovering. The Houthis claimed new attacks on airports and military facilities in Saudi Arabia on Wednesday, while a spokesperson for the Saudi-led coalition fighting the Houthis said a ballistic missile had been intercepted north of Riyadh. Meanwhile, reports showed Iran has intensified attacks on tankers in the Strait of Hormuz in recent days. Despite the latest developments, energy flows from the Persian Gulf are showing signs of recovery. Tankers have continued to pass through the Strait of Hormuz, albeit discreetly, despite heightened security risks, while Saudi Arabia’s East-West oil pipeline has restored crude pumping capacity to 5.8 million barrels per day. In the US, EIA data showed that crude inventories fell by 3.186 million barrels last week, the largest weekly draw in five weeks.
2026-10-07