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Brent Crude Holds Above $100 While WTI Settles Nearly Flat at $89.44

By Market Flux···1 min read
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Oil markets ended Tuesday's session with minimal movement as traders balanced ongoing supply risks against a recovery in Middle East export volumes. Brent crude futures settled at $100.58 per barrel, up 26 cents or 0.26%, while NYMEX WTI crude futures closed essentially flat at $89.44 per barrel, gaining just 1 cent or 0.01%. NYMEX Diesel November futures settled at $4.5694 per gallon.

Brent's hold above the $100 level reflects a persistent Gulf risk premium even as supply from the region shows signs of recovery. The roughly $11 spread between Brent and WTI underscores continued tension between global supply concerns and more contained domestic market conditions.

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Sources

  1. StaunovoEIA expects oil production and exports out of the Middle East to gradually increase with facilitated transits through the Strait of Hormuz and as producers use alternative routes and ship-to-ship transfers. As those workarounds expand, EIA forecasts crude oil production shut-ins will fall from 4.5 million barrels per day (b/d) in 4Q26 to 2.7 million b/d in 1Q27. #oott
  2. CNBCIran has stepped up its attacks on tankers transiting the Strait of Hormuz, threatening a fragile rebound of crude oil exports from the Persian Gulf. Nearly 20 commercial ships, mostly tankers, have come under attack over the past month while sailing through Hormuz, the Persian Gulf or off the coast of Oman, according to the Joint Maritime Information Center, a group of U.S.-allied militaries that provide security updates to merchant vessels. Read more:
  3. InvestingIran attacks more tankers in Hormuz as oil flows continue to rise
  4. NasdaqCrude Prices Pressured as More Oil Supplies Leave the Middle East
  5. Osint613A Panama-flagged oil tanker was attacked while transiting the Strait of Hormuz. India's Foreign Ministry says 12 crew members were injured by an unidentified projectile. Oman evacuated 10 crew from the vessel.
  6. PiQMarketsLiberia-flagged tanker Aframax Rea reportedly ablaze near Sochi A Liberia-flagged Aframax crude oil tanker, the Aframax Rea, was reportedly ablaze in the Black Sea near the Russian port city of Sochi on Oct. 6. Russian independent media cited Telegram channels suggesting the vessel, part of Russia's shadow fleet, may have been attacked by naval drones. Russian authorities have not commented on the incident.
  7. Sizov_AndreAnother confirmation that the month-long pause in Ukrainian attacks on merchant vessels in the Black Sea is clearly over. An Aframax tanker, AFRAMAX RIO (~100K mt DWT), fully loaded with oil for India, was reportedly hit near Sochi this afternoon. #oatt #sizovreport #wheat #blacksea
  8. FinancialjuiceNYMEX WTI crude futures settle at $89.44 a barrel, up 1 cent, 0.01%
Show 8 more
  1. Unusual_WhalesIran is ramping up attacks on oil tankers in the Strait of Hormuz, per CNBC Nearly 20 commercial ships, mostly tankers, have been attacked in the past month while sailing through Hormuz, the Persian Gulf or off the coast of Oman, per the Joint Maritime Information Center. About a fifth of the world's oil has passed through the Strait.
  2. FirstSquawkUS CRUDE OIL FUTURES SETTLE FLAT AT $89.44/BBL, UP 1 CENT OR 0.01%
  3. Cointelegraph🇮🇷 BIG: Iran steps up attacks on tankers in the Strait of Hormuz, threatening crude oil exports as nearly 20 commercial ships face attacks.
  4. BusinessIran has increased the pace of attacks on tankers in the Strait of Hormuz in recent days, just as oil shipments through the energy chokepoint approach prewar levels
  5. MarketWatchOil Futures Little Changed as Market Weighs Export Recovery, Shipping Risks -- 2nd Update
  6. ReutersThe world has nearly burned through its oil stockpile buffer, executives say
  7. BullTheoryioToday marks 220 days of the US-Iran War. Iran's control over Gulf crude exports is finally breaking. After Iran shut down the Strait of Hormuz, within 10 days crude exports crashed 72% to 4.5 million barrels a day. Fast forward to today, and Gulf oil exports are back to pre-war levels. Goldman Sachs reports flows reached 19 million bpd in late September, while Kpler puts it at 16.5 million bpd, reaching 100% of where things stood before the war. So the crude supply crisis is mostly solved, but the real bottleneck now is the refining capacity. Kpler says it remains 26% below pre-war levels due to heavy damage. Global diesel prices including the US have skyrocketed to historic highs. To fix this, the Trump administration has proposed a $5 billion reconstruction fund to repair destroyed Gulf refineries. But rebuilding refineries will take time, and until then, diesel prices are likely to stay elevated.
  8. JuliOnTwtrAPI Inventory Moves 10/06/26 Crude -2.09 million Gasoline -1.37 million Distillates +461,000 Cushing +866,000 SPR Actual -800,000 #oott #crudeoil #gasoline #distillates #api