Crude oil prices reached their lowest level in a week, and oil market analysts pointed to various reasons for this decline. The price of North Sea Brent crude oil fell to $101.71 and West Texas Intermediate crude oil to $98.15 in trading on Monday (September 30).
Decline in oil prices and its reasons
According to Reuters, Brent crude oil prices fell by $2.16 or 2.08% to $101.71 per barrel. Additionally, West Texas Intermediate crude oil also decreased by $2.15 or 2.14% to $98.15 per barrel. This price drop has been attributed to several factors, including hopes for improved supply to global markets and reduced tensions in the Middle East.
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Impact of attacks on infrastructure
An attack on the east-to-west pipeline of Saudi Aramco has halted the country's exports from the Yanbu port terminal. According to preliminary data from ship tracking company Kpler, this situation has reduced Saudi oil exports in August to 2.4 million barrels per day, the lowest level since 2013. Analysts at JPMorgan stated in a note that the average total oil supply over the past 10 days has reached 17.1 million barrels per day, which is 6.1 million barrels less than the average for 2025.
Tim Waterer, senior market analyst at KCM Trade, stated: "Hopes for reduced tensions in the Middle East have removed part of the risk premium from oil prices." He also added that it is unclear whether this hope is real or false, and time will tell.
Analysts predict that oil prices may be influenced by political and economic developments in the Middle East as well as demand conditions in global markets. Fluctuations in oil prices can have significant implications for the global economy and oil producers.
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