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Global supply fears persist in oil markets
The article discusses the rise in global crude oil prices during the week, with increases of up to 7.6% for Brent and 9.7% for West Texas Intermediate. This escalation is driven by mounting geopolitical risks in the Middle East, including tensions with Iran, the targeting of Hatrum Island, and restrictions on navigation through the Strait of Hormuz. It also notes that OPEC countries, such as Saudi Arabia, Kuwait, Iraq, and Russia, will continue to refrain from increasing production throughout October 2026, which heightens concerns about supply disruptions. On the other hand, U.S. oil inventories have decreased by 4.5 million barrels, and refinery activity has increased. However, fears of a slowdown in global economic growth and declining demand have limited the price hike. Additionally, the number of drilling rigs in the United States has risen to 449, indicating potential for future production growth. The article summarizes the factors affecting the oil market and its future outlook.
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