Brent oil price increased by 2.03% to $100.02 per barrel. West Texas Intermediate crude oil also reached $92.23 per barrel with a 2% increase. This price rise occurred while the market experienced severe fluctuations around $96 early in the day.
Significant price growth last month
Statistics show that last month was a strong month for the oil market. Brent oil saw an increase of about 14%, while West Texas Intermediate experienced a 5% rise. For Brent oil, this increase is the highest monthly growth since July.
Read more: Brent oil above $100 and OPEC+ forecast for production
Factors affecting supply adjustment
Experts believe that the short-term outlook for oil remains negative. The return of oil shipments from the Gulf region, including the resumption of Saudi exports through the East-West pipeline and Yanbu terminal, has not been able to fill the existing gap in the market. The closure of the Strait of Hormuz is also considered a limiting factor.
Analysts also believe that the revival of diplomatic channels between Iran and the U.S. could help reduce the "geopolitical risk premium" in oil prices. Iran announced on Wednesday that it had received a response from the U.S. to its recent proposal for a ceasefire in the Gulf. However, Donald Trump, the U.S. President, has denied media reports about his willingness to release frozen Iranian assets and ease sanctions.
Other key points in the oil market
According to a report by Goldman Sachs, oil exports from the Gulf region, including dark shipments (ships that turn off their sender or transponder), reached 23.3 million barrels per day last week, matching the average for 2025. Exports in September have doubled compared to previous months.
Informed sources told Reuters that OPEC+ member countries are likely to keep their oil production quotas unchanged for November at the upcoming Sunday meeting. This decision could have significant impacts on the oil market trend.
Read more: Significant reduction in OPEC+ oil production surplus capacity · Increase in oil prices due to pressure on global markets
