Benchmark Brent crude oil futures rose past $100 a barrel on Wednesday, hitting a more than six-week high and breaching the symbolic threshold for the first time since July 24 as intensifying conflict in the Middle East heightened concerns about oil flows from the region.
Oil prices on Tuesday surged toward $100 a barrel after Iran-backed Houthi militants launched an attack on Saudi Arabia that Saudi officials said injured dozens of civilians in a major escalation of tension in the region.
U.S. President Donald Trump said that "oil prices will drop precipitously" after the war with Iran ends, even as Brent crude prices have soared over $97 a barrel, touching six-week highs on Monday.
Oil prices moved higher as concerns grew that the conflict in the Middle East could drag on, with Brent rising 0.9% to $97.24 and WTI gaining 0.9% as well to $92.36.
The seven OPEC+ nations, namely Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, have agreed keep oil production quotas in October at the September, OPEC said.
Siluanov noted that the issue was placed on the agenda at the request of Western G20 members
Russia currently sends 94% of its oil exports to friendly countries, Russian Deputy Prime Minister Alexander Novak said at the Russia-China Energy Business Forum.
Global oil demand is recovering, as evidenced by the OPEC Secretariat and industry experts, Russian Deputy Prime Minister Alexander Novak said.
Oil prices moved higher for a third consecutive session on Wednesday, although they reduced earlier gains as investors monitored renewed military exchanges between the U.S. and Iran and their potential implications for Middle Eastern crude supplies.
Brent crude rose above $92 per barrel on Monday, extending gains from the previous session amid renewed hostilities in the Middle East.
Klingbeil said he considers the US authorities’ provocation of a war with Iran and the blockade of the Strait of Hormuz to be irresponsible behavior
Oil tanker prices have climbed to their highest since 2008 amid rising demand triggered by the Middle East escalation.
The price of futures contracts of Brent crude oil for October 2026 delivery on London’s ICE has risen above $92 per barrel for the first time since July 30, 2026, according to trade data.
Conflicts and climate change have led to a sharp rise in the cost of maritime and river transportation along key routes, including the Panama Canal, the Rhine, and the Red and Black Seas, the Financial Times reported, citing analysts.
The CIF price of Azerbaijan's Azeri Light crude at Italy's Augusta port decreased by $0.07, or 0.07%, from the previous level to $95.50 per barrel, a source in the oil market said.
The International Energy Agency (IEA) forecasts a 1.6 million barrels per day (bpd) decline in global oil demand in 2026 amid the ongoing closure of the Strait of Hormuz and high oil prices, which are curbing consumption, the agency said.
The price of Brent crude oil futures for October on the London exchange rose above $85 per barrel, with WTI and Azerbaijani crude also climbing.
The price of Brent crude oil futures for October fell below $80 a barrel on Wednesday for the first time since July 13, according to ICE data.
The price of Brent crude futures contract with September delivery on the ICE exchange in London fell below $82 a barrel for the first time since July 13, according to trading data.
The price of Azerbaijan's Azeri Light crude oil increased by $6.97, or 7.64%, from the previous session to $98.19 per barrel.
