{
  "id": 7004408,
  "title": "Oil ends higher on tight supply; US diesel hits record",
  "url": "https://urgent.news/2026/09/12/oil-ends-higher-on-tight-supply-us-diesel-hits-record",
  "topic": "business",
  "section": "Business",
  "published": "2026-09-12T21:00:00.000Z",
  "source": {
    "name": "Qatar Tribune Business",
    "slug": "qatar-tribune-business",
    "url": "https://www.qatar-tribune.com/article/253419/business/oil-ends-higher-on-tight-supply-us-diesel-hits-record"
  },
  "original_language": "en",
  "account": "Oil prices climbed higher on Thursday as tight supply, coupled with attacks along Middle East shipping routes, fueled worries about potential supply disruptions. Brent crude futures closed at $104.61 a barrel, marking a weekly gain of over 8%, while U.S. WTI crude finished at $100.05 a barrel, up 9.4% for the week. Both benchmarks had previously rebounded on Friday, following reports that Middle Eastern foreign ministers were negotiating a temporary deal with Iran to facilitate shipping through the Strait of Hormuz. However, vessel transits through the strait saw a significant drop to seven on Thursday from 11 the day before, with preliminary data indicating that the strait typically accommodates about 125 commodity vessels and a fifth of global daily oil and liquefied natural gas (LNG) supplies prior to the Iran conflict in late February.\n\nIn response to the escalating crisis, Asian spot LNG prices reached their highest level since December 2022, with the average October delivery price in northeast Asia hitting $26.00 per million British thermal units. This surge in LNG prices can be attributed to heightened geopolitical tensions, surging European gas costs, and robust demand preceding the winter season, leading to intense competition for the scarce supply.\n\nThe situation has placed South Asian nations in a precarious position, as they are compelled to bid for spot cargoes at exorbitant prices due to the substantial disruptions to LNG shipments originating from the Gulf. In Europe, the Dutch TTF gas price climbed to $27.26 per mmBtu, marking a weekly increase of 10.5%. This upward trend is expected to persist into the upcoming week, as planned maintenance in Algeria and Norway continues to impede pipeline supply into the European Union.",
  "summary": "Oil prices remained on course for a weekly gain of more than 8%, while U.S. diesel prices hit a record high as attacks along Middle East shipping routes stoked concerns about prolo...",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}