Oil prices bounce back: Brent nears $100 after hitting a more than two-month low
Crude oil prices are on the upswing following major declines fueled by geopolitical tensions. Brent crude approaches the $100 per barrel threshold, while WTI records similar gains. Ongoing conflicts in the Middle East have disrupted refinery operations, leading to a notable drop in global refining activities, especially in Asia and Russia. However, the US has successfully ramped up refining…
Oil prices have rebounded, with Brent crude nearing the $100-per-barrel mark and US West Texas Intermediate (WTI) also registering gains after suffering sharp losses earlier in the week. The recovery follows a significant correction, with both oil benchmarks experiencing declines of over 8% during previous sessions. This resurgence comes as Democrats gained control of both the US House of Representatives and Senate, potentially limiting President Donald Trump's administration.
The fluctuations in crude prices are influenced by disruptions in global refining operations due to the Middle East conflict, particularly in the Strait of Hormuz, which has led to a decline in global refinery inputs by 4.8 million barrels per day (b/d) in April-June compared to the previous quarter. Additionally, Russian oil infrastructure attacks have contributed to supply pressures, with Russian crude oil inputs falling by 0.6 million b/d in the second quarter and another 0.8 million b/d in the third quarter.
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