Oil & Gas Industry News

Oil prices edged higher as Middle East tanker attacks and Hurricane Isaias heightened supply concerns.

Commercial crude oil stocks, not including the SPR, came in at 424.134 million barrels on October 2, the EIA revealed.

IEA member governments 'expressed support for accelerating the oil stock releases announced in the Collective Action of March 2026', IEA Executive Director Fatih Birol said.

That represents 34.77 percent of the 371 manned platforms in the Gulf of America, the Marine Minerals Administration highlighted.

Crude posted its biggest gain in a month amid Middle East tensions and hurricane-related production cuts.

Supertankers are racing to the Middle East to cash in on soaring fees for carrying oil through the Strait of Hormuz.

The U.S. Energy Information Administration raised its 2026 Brent crude oil spot price forecast by more than $5 per barrel and its 2027 Brent price forecast by $10 per barrel.

Indian refiners have cut back Russian crude purchases for November delivery.

Naeem Aslam, CIO at Zaye Capital Markets, outlines the main driver.

Brent closed near $100 as traders weighed escalating Hormuz threats against resilient regional oil exports.