Oil prices inch towards $100 per barrel

Crude oil prices moved higher again, with Brent approaching the $100-per-barrel mark and US West Texas Intermediate (WTI) also registering gains after the sharp losses recorded earlier in the week. Brent crude was trading at $99.59 per barrel, up $1.30 or 1.32%, while WTI stood at $91.34, gaining $0.82 or 0.91%.The latest recovery comes after Democrats swept control of both the US House of Representatives and Senate, creating a potential legislative check on President Donald Trump’s administration.The rebound follows a sharp correction in the previous sessions. On Wednesday, both oil benchmarks suffered losses of more than 8%, their steepest declines in the period covered by the inputs. Brent shed $8.98, or 8.7%, to close at $94.62 per barrel, while WTI dropped $7.97, or 8.3%, to settle at $88.12. Both ended at their lowest closing levels since August 31.Selling pressure continued on Thursday, pushing Brent below $95 and WTI under $90. Brent futures declined 50 cents, or 0.53%, to $94.12 per barrel, while WTI lost 61 cents, or 0.69%, to $87.51.

Global refining still feeling the impact of Middle East conflict

The fluctuations in crude prices come as the global oil industry continues to deal with the impact of disruptions to supplies through the Strait of Hormuz.The outbreak of conflict in the Middle East weighed heavily on refinery operations during the second quarter of 2026, particularly in countries dependent on crude shipments passing through the strait, according to the US Energy Information Administration (EIA).Global refinery inputs dropped by 4.8 million barrels per day (b/d), or 6%, in April-June compared with the preceding quarter, according to data from energy intelligence firm Kpler. Although throughput improved by 1.8 million b/d in the third quarter, it remained below earlier levels as refiners adapted to changing trade flows and alternative supply routes.The impact was particularly visible in Asia. China saw refinery inputs fall by 2.1 million b/d in the second quarter, followed by another decline of 0.8 million b/d in the third quarter.India, South Korea and Japan collectively recorded a reduction of more than 1 million b/d in the second quarter. Their combined inputs, however, recovered by 0.8 million b/d in the following quarter.The Middle East also witnessed a slowdown in refining activity as shipping restrictions through the Strait of Hormuz limited exports of refined petroleum products. Kuwait and the United Arab Emirates each recorded a 0.7 million b/d decline in inputs, while Saudi Arabia saw a reduction of 0.3 million b/d and Iran 0.2 million b/d in the second quarter. Together, the four countries recovered 0.4 million b/d in the third quarter.

Russian oil infrastructure attacks add to supply pressures

Refinery operations in Russia faced a separate setback, with increased attacks on oil infrastructure amid the ongoing Russia-Ukraine conflict.Russian crude oil inputs declined by 0.6 million b/d in the second quarter and fell by another 0.8 million b/d in the third quarter.The reduced refining activity in Russia, alongside disruptions across Asia and the Middle East, added to the pressure on already tight global diesel supplies. These combined disruptions contributed to diesel prices reaching their highest nominal levels on record in September, the EIA said.The US saw a different trend during the same period. Its refinery inputs rose by 0.5 million b/d in each of the second and third quarters as the country increased refined product exports to make up for shortages in other markets.However, the improvement in refining activity during the third quarter was not enough to restore global throughput to last year’s levels. Inputs remained around 5% lower than in the corresponding period of 2025, despite the gradual improvement in crude oil flows.