Record Diesel Prices Push Brent Toward $95

Rising diesel prices have pushed Brent crude oil towards the $95 mark, driven by a shortage of middle distillate supplies. Refining profits have been the primary force behind the increase in oil prices, with diesel prices reaching an all-time high in the US. The ICE Brent is expected to end the week with a 6% gain, hovering around $95 per barrel.

OPEC+ plans to maintain its quotas at 31.01 million barrels per day for October 2026, due to ongoing geopolitical tensions in the Middle East. Saudi Aramco has set its October selling price to Asia at a $2 discount to Oman/Dubai, the lowest since June 2020. Meanwhile, US natural gas prices surged to an eight-week high of $2.96 per MMBtu, while Taiwan allocated $13.3 billion for energy subsidies and increased LNG purchases.