Global Crude Oil Price

Brent climbed back above $113 a barrel after a deadly drone strike on Saudi Aramco's Shaybah field, highlights Mohammed Imran of Mirae Asset Sharekhan.

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.

Middle East crude exports have rebounded to 17.5 million bpd, or about 98 per cent of pre-war levels. However, the recovery in refined products is much weaker.

The new rates, ‌effective from Monday, are expected to ​raise transportation and production costs ​across the import-dependent economy, adding to inflationary pressures

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

Mirae Asset Sharekhan said that in the absence of any resolution between the US and Iran, each passing week would see floor prices increasing for global oil prices.

Front-month Brent futures rose $0.62, or 0.7%, to $84.39 a ​barrel as of 0055 GMT after dropping 7% in the previous session to a three-week low

Brent crude futures rose $1, or 1.1%, to $92.01 a barrel at 0330 GMT while US West ‌Texas Intermediate crude climbed 82 cents, or 1.0%, to $85.16

At present, Goldman sees Brent at $80 a barrel in the fourth quarter, and $75 next year, predicated on a de-escalation of tensions in the West Asia

For the second straight session, Brent ​closed at its highest since June 12 and West Texas Intermediate at its ‌highest since June 15 and rose further on early Wednesday trade

Brent futures lost 79 cents or 1.1% to $70.78 a barrel by 0642 GMT, while US West Texas Intermediate crude fell 84 cents or 1.2% to $67.74 a barrel

Brent crude futures ​climbed 54 cents or 0.67 per cent, to $81.11 a barrel by 0030 GMT, after touching a high of $82.30 ‌at the start of trading

Fuel prices were raised to reduce losses at state-run oil companies, but despite easing pressure after lower crude prices, consumers may not see immediate relief

Brent crude futures dipped 16 cents, ​or 0.2 per cent, to $78.80 a barrel by 0340 GMT, while US West Texas Intermediate fell 25 cents, or 0.3 per cent, ‌to $75.80 a barrel

The near-term outlook for Brent crude through Q3 2026 is likely to remain range-bound in the $90-115/bbl band, with risks skewed slightly towards a higher floor price for crude oil

Brent crude futures fell $1.42, or 1.43 per cent, to $98.16 a barrel as of 0253 GMT, while US West Texas Intermediate (WTI) crude lost $1.66, or 1.77 per cent, to $92.23 a barrel

While both contracts fell during the overnight session on hopes of a peace deal, the US strikes in southern Iran and Israeli attacks on Hezbollah have boosted Brent prices

Brent crude futures fell $5.85, or 5.7 per cent, to $97.69 ‌a barrel by 0343 GMT, while US West Texas Intermediate were at $90.85 a barrel, down $5.75, or 6 per cent

Brent crude oil futures fell ​88 cents, or 0.8 per cent, to $110.40 a barrel by 0410 GMT, while US West Texas Intermediate futures were down 67 ‌cents, or 0.6 per cent, to $103.48

Brent crude futures dropped $1.22, ​or 1.1%, to $106.55 a barrel at 0410 GMT while US West Texas Intermediate futures fell $1.16, or 1.1%, to $101.02