Crude Oil Hits 4-week Low

Crude oil fell around 5% to $88.50 a barrel on Friday, reaching a one-month low after the Group of Seven agreed to consider releasing up to 100 million barrels of emergency oil and diesel reserves to ease fuel costs. The coordinated release, overseen by the International Energy Agency, is expected to take place over four months, French President Emmanuel Macron said. Macron indicated that the initiative aims to bring down prices following pressure from the Trump administration to address tightening fuel markets. Meanwhile, Middle Eastern crude exports have recovered close to pre-war levels, although uncertainty surrounding US-Iran negotiations continues to cloud the outlook. The Strait of Hormuz remains a key concern, with reported tanker attacks underscoring persistent shipping risks and the US strengthening air defences around energy facilities in Saudi Arabia and Qatar.

Crude Oil decreased to 88.54 USD/Bbl, the lowest since September 2026. Over the past 4 weeks, Crude Oil lost 2.52%, and in the last 12 months, it increased 46.19%.

Crude oil fell nearly 4% to around $89 a barrel on Friday as European governments considered releasing strategic oil reserves to ease mounting fuel costs. EU members were reportedly discussing a French proposal to draw on crude and fuel stockpiles, amid growing pressure from Washington to address diesel shortages and avoid potential US export restrictions. Treasury Secretary Scott Bessent urged European partners to help stabilise supplies, which have been disrupted by turmoil in the Persian Gulf and Ukrainian attacks on Russian refineries. Meanwhile, Middle Eastern crude flows have approached pre-war levels, though uncertainty persists as Washington and Tehran remain far from a lasting agreement to reopen the Strait of Hormuz fully. Also, shipping risks remain elevated following reported tanker attacks, while the US has reportedly strengthened air defences protecting energy facilities in Saudi Arabia and Qatar.