Crude Oil Pulls Back

2026-10-21 13:08 By Agna Gabriel 1 min. read

Crude oil reversed earlier gains to trade around $97 a barrel on Wednesday, as relatively strong flows through the Strait of Hormuz offset concerns over escalating attacks on shipping and energy infrastructure across the Middle East.

Iran’s Revolutionary Guards said naval mines had halted three tankers attempting to use routes Tehran considered unauthorized, while the UK Maritime Trade Operations agency reported a vessel had been struck near Oman.

Despite the security risks, US Secretary of State Marco Rubio said shipments through the chokepoint were approaching prewar levels, while data from Kpler and Vortexa showed broader Middle Eastern exports had risen since the summer.

Separately, Yemen’s Houthi militants claimed attacks on Saudi Aramco facilities in Yanbu and the Shaybah oilfield, as well as airports in Riyadh and Abha.

Investors awaited US inventory data after the American Petroleum Institute reported a 4.9 million-barrel decline in crude stocks last week.



News Stream
Oil Wavers Below $98 as Supply Recovers
Crude oil prices wavered below $98 a barrel on Wednesday after briefly reaching $100 in a volatile session. Rising crude flows from the Middle East have begun to weigh on prices, with producers ramping up shuttle shipments through the Strait of Hormuz and ship-to-ship transfers in the Gulf of Oman. Tanker-tracking services indicate flows have surpassed pre-war levels. Saudi Arabia’s crude exports rose 7.9% in August to their highest level since March. Meanwhile, Russia is set to send its first diesel tanker to the US on Thursday under an agreement between Presidents Trump and Putin. US Secretary of State Marco Rubio also said Washington is looking to work with India’s Reliance Industries to refine Western energy supplies. However, tensions in the Middle East remain elevated, while record-high freight rates in the Persian Gulf continue to put upward pressure on oil prices.
2026-10-21
Crude Oil Pulls Back
Crude oil reversed earlier gains to trade around $97 a barrel on Wednesday, as relatively strong flows through the Strait of Hormuz offset concerns over escalating attacks on shipping and energy infrastructure across the Middle East. Iran’s Revolutionary Guards said naval mines had halted three tankers attempting to use routes Tehran considered unauthorized, while the UK Maritime Trade Operations agency reported a vessel had been struck near Oman. Despite the security risks, US Secretary of State Marco Rubio said shipments through the chokepoint were approaching prewar levels, while data from Kpler and Vortexa showed broader Middle Eastern exports had risen since the summer. Separately, Yemen’s Houthi militants claimed attacks on Saudi Aramco facilities in Yanbu and the Shaybah oilfield, as well as airports in Riyadh and Abha. Investors awaited US inventory data after the American Petroleum Institute reported a 4.9 million-barrel decline in crude stocks last week.
2026-10-21
Crude Oil Rises to 5-Week High
Crude oil climbed to around $100 a barrel on Wednesday, its highest level since September 17 as continued attacks in the Strait of Hormuz heightened concerns over global supply security. The UK Maritime Trade Operations agency reported that a vessel had been struck near Oman, while Iran’s state-run IRIB News said a supertanker had hit a sea mine in the strait. Tehran has intensified attacks in recent weeks, with more incidents reportedly targeting vessels’ engine rooms and raising risks for maritime traffic. However, oil flows through the strategic waterway have remained relatively strong. US Secretary of State Marco Rubio said Tuesday that shipments through the chokepoint were approaching prewar levels, while data from Kpler and Vortexa showed broader Middle Eastern exports had increased since the summer. EIA data showed US crude inventories fell by just over 3 million barrels last week, less than industry data reports of a 4.9 million-barrel decline.
2026-10-21