Brent Crude Hits $99.25 as Diesel Market Remains Tight
The Brent crude price settled at $99.25 a barrel on September 22, 2026, as the diesel market remained under pressure in Europe.
The reported restart of the Saudi East-West pipeline is expected to deliver more oil to buyers despite disruptions affecting the Strait of Hormuz, but there's no confirmation from Saudi Aramco yet.
Refiners are struggling with a shortage of diesel supply due to damage to refining facilities and logistical difficulties in other producing countries, according to Saxo.
US President Donald Trump raised the possibility of an export restriction on diesel, which would remove volumes from importing markets. The American Petroleum Institute (API) opposes this measure, saying refineries on the US Gulf Coast cannot easily redirect their surplus output towards deficit regions within the country.