Brent Oil Prices Recover, Approaching $100 After Recent Two-Month Low
Crude oil prices have surged again, with Brent nearing the $100-per-barrel threshold and US West Texas Intermediate (WTI) also showing gains after a week of sharp declines. Brent crude is currently trading at $99.59 per barrel, up $1.30 or 1.32%, while WTI stands at $91.34, gaining $0.82 or 0.91%. This recovery follows significant losses earlier in the week, where both benchmarks dropped over 8%, marking their steepest declines in recent sessions.
On Wednesday, Brent fell by $8.98, or 8.7%, closing at $94.62 per barrel, while WTI dropped $7.97, or 8.3%, settling at $88.12. Both benchmarks ended at their lowest closing levels since August 31. Continued selling pressure on Thursday pushed Brent below $95 and WTI under $90, with Brent futures declining 50 cents to $94.12 per barrel and WTI losing 61 cents to $87.51.
Global refining still feeling the impact of Middle East conflict
The fluctuations in crude prices coincide with ongoing disruptions in the global oil industry, particularly through the Strait of Hormuz. The US Energy Information Administration (EIA) reported that the outbreak of conflict in the Middle East significantly impacted refinery operations in the second quarter of 2026, especially in countries reliant on crude shipments through the strait. Global refinery inputs dropped by 4.8 million barrels per day (b/d), or 6%, in April-June compared to the previous quarter.
Although refinery throughput improved by 1.8 million b/d in the third quarter, it remained below earlier levels as refiners adjusted to changing trade flows and alternative supply routes. In Asia, China experienced a decline of 2.1 million b/d in the second quarter, followed by another drop of 0.8 million b/d in the third quarter. India, South Korea, and Japan collectively recorded a reduction of over 1 million b/d in the second quarter, but their combined inputs recovered by 0.8 million b/d in the third quarter.
Russian oil infrastructure attacks add to supply pressures
Refinery operations in Russia have also faced setbacks due to increased attacks on oil infrastructure amid the ongoing Russia-Ukraine conflict. Russian crude oil inputs fell by 0.6 million b/d in the second quarter and another 0.8 million b/d in the third quarter. These disruptions, along with those in Asia and the Middle East, have contributed to tight global diesel supplies, driving diesel prices to their highest nominal levels on record in September, according to the EIA.
In contrast, the US saw a rise in refinery inputs, increasing by 0.5 million b/d in both the second and third quarters as the country ramped up refined product exports to address shortages in other markets. However, despite this improvement, global throughput remained about 5% lower than in the corresponding period of 2025, reflecting ongoing challenges in crude oil flows.
