Oil retreated as expedited IEA stock release widens Brent–WTI spread near $12
Global crude oil futures settled lower on Wednesday after the IEA agreed to accelerate a 100-million-barrel emergency reserve release targeting middle distillates, though escalating war risks and a looming US Gulf hurricane limited losses.
Global crude oil futures settled lower on Wednesday after the IEA agreed to accelerate a 100-million-barrel emergency reserve release targeting middle distillates, though escalating war risks and a looming US Gulf hurricane limited losses.
|
BENCHMARK |
SETTLE (US$/BBL) |
CHANGE (US$) |
CHANGE (%) |
TREND |
|
Brent ICE, active front-month (Dec) |
100.20 |
−0.38 |
−0.4% |
▼ DOWN |
|
WTI NYMEX, front-month |
88.28 |
−1.16 |
−1.3% |
▼ DOWN |
|
Settlement prices for Wednesday, 7 October 2026. Change versus previous settlement. |
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|
BRENT Defended $100 mark as war risks and US storm curb downside |
WTI Shed $1.16 as European stock releases defuse export pressure |
Accelerated IEA reserve releases and France’s pledge of 10 million barrels of strategic diesel cooled prompt buying, pulling WTI down $1.16 to $88.28/bbl. The intervention alleviated pressure on transatlantic fuel flows, blowing the Brent–WTI spread out to $11.92/bbl.
Downside was checked by domestic tightening and physical supply threats. US crude inventories defied expectations of a 1.7-million-barrel build to fall by 3.2 million barrels, while a developing Gulf of Mexico hurricane threatens up to 11.2 million barrels of offshore output across assets producing 2.05 million bpd.
Persistent geopolitical escalations—including Houthi strikes on Aden airport, stalled US–Iran diplomatic talks, and Ukrainian attacks on Russian refineries—kept Brent anchored above $100/bbl.
Written by: Aiman Haikal