Crude Oil Supply

Oil price outlook: Escalating tanker strikes, Houthi pressure on Gulf infrastructure and Iranian tactical framing around the midterm calendar keep the floor firm.

Mohammed Imran of Mirae Asset Sharekhan expects Brent to become more volatile ahead of the US midterm election. Brent futures may test the resistance of $120/b in the near term.

WTI crude prices, which are unusually low versus Brent because of high US-Europe shipping costs, Goldman Sachs' analysts said, are likely to average $81 in December 2026 and $73 in 2027.

West Asia crude exports exceeded pre-war levels on four days in late September even as tanker attacks increased in and around the Strait of Hormuz

The announcement means ​the company is transporting the crude through the strait rather than delivering it at the port of Basra

The company said it was ensuring fuel availability across its network after Petroleum Secretary Neeraj Mittal said private retailers would be told to stop capping sales.

India spent $24.4 billion more on crude in April-August despite a 0.4% fall in import volumes as prices rose in international markets amid supply concerns due to the West Asia conflict

Exporters have adapted to tariffs and geopolitical disruptions, but thinner margins and fresh US levies could make resilience harder to sustain

The East-West pipeline was shut after drone attacks, disrupting a key Saudi supply route as crude flows from the Gulf region remain under pressure

For the first time since the US-Iran war started in February 2026, S&P Global Energy does not project West Asian crude oil production to return to prewar levels by the end of 2027

Average crude oil prices will stay significantly higher than the previous forecast, as the recent turn of events would shrink global inventories.

Mirae Asset Sharekhan believes that the crude oil market balance is likely to remain in deficit through 2026.

Rabobank expects Brent to remain volatile in the months ahead, with $70-$75/bbl acting as the lower-end support zone and $95-$100 forming the upper end of the range.

The main source of uncertainty remains the US-Iran standoff and the continuing disruption around the Strait of Hormuz.

In a rare ​move, Aramco is in ​talks with buyers to supply Arab Medium and Arab Heavy crude ​via ship-to-ship (STS) transfers off Fujairah in the UAE, the sources said.

By sharply reducing oil imports, China not only shielded its own economy from a supply shock (to an extent) - its impact also helped cushion the price shock for other Asian economies, analysts said

State-run oil refiners reported quarterly losses as higher crude oil prices, weak fuel marketing margins and LPG under-recoveries weighed on earnings

The legislation allows US President Donald Trump to impose tariffs of as much as 100 per cent on the top five purchasers of Russian oil and natural gas, essentially targeting China and India

A closure of the Bab el-Mandeb Strait could disrupt Saudi crude shipments, forcing India to rely more on alternative suppliers and increasing risks to LPG supplies

A revised bipartisan US Senate bill proposes a 100 per cent tariff on imports from the five largest buyers of Russian oil and gas, including India, while allowing presidential waivers