The weekly average price of Brent crude oil in the week ending September 18, 2026 (27 Shahrivar) reached $105.79 per barrel, which is $4.12 higher than the previous week. The WTI crude oil also recorded an increase of $4.47, averaging $102.37. The OPEC basket price rose by $10.98 to an average of $121.44 per barrel.
Diesel Crisis and Its Impacts
One of the significant developments of the week was the intensification of pressure in the middle distillates market, especially diesel. Disruptions in product exports from West Asia, along with reduced refining capacity in Russia, have put pressure on the supply of diesel and jet fuel in European and Asian markets. With the decrease in shipments from the Persian Gulf, nearly 2.1 million barrels of diesel, jet fuel, and gasoline have been removed from the European and Asian markets daily.
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At the same time, drone attacks on Russian refining infrastructure have reduced the country's refining capacity, and the restrictions on Russian diesel exports have further pressured the European market. The European diesel market continues to face a supply shortage under these conditions. Diesel imports in Europe in September are estimated at about 810,000 barrels per day, lower than the volumes of August and September last year.
Impact of Reduced Tanker Traffic
The Strait of Hormuz remained one of the important variables in the oil market in the week ending September 18, 2026. The sharp decrease in tanker and commercial vessel traffic through this route, along with disruptions in the East-West pipeline in Saudi Arabia, has increased the risk of oil and product transfers. According to Kepler data, on one day of the week, only three commercial vessels passed through the Strait of Hormuz; a figure that shows a significant decline compared to the 10-day average of 16 vessels.
In contrast, ship-to-ship oil transfers in the Gulf of Oman increased, reportedly rising from about 1.5 million barrels in August to about 2.7 million barrels per day. Disruptions in the East-West pipeline in Saudi Arabia have also pressured the country's export routes.
Currently, Aramco has increased crude oil sales through routes outside the Strait of Hormuz to compensate for some of the disruptions, selling about 20 million barrels of oil for delivery in September and October to Asian refineries. Disruptions in Saudi crude oil supply have also affected the physical market in Europe.
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