Brent Crude Reaches $102.40 as Supply Concerns Ease

Brent crude oil prices rebounded on Monday, October 5, 2026, climbing back above $100 per barrel to settle at $102.40. Meanwhile, US West Texas Intermediate (WTI) futures dipped by 0.50% to $90.65. The rise in Brent crude follows a decline on Friday, which pushed the benchmark below $100 for the first time in recent sessions.

The recovery was driven by easing concerns over supply disruptions in the Gulf. Higher oil loadings through the Strait of Hormuz and the continued operation of Saudi Arabia’s East-West pipeline helped restore confidence in global supply. Additionally, the G7 countries' decision to release an estimated 100 million barrels of reserve oil bolstered market sentiment.

Despite these positive developments, geopolitical risks persist. The lack of a clear diplomatic breakthrough between the US and Iran continues to sustain a risk premium in oil prices, particularly concerning shipping through the Strait of Hormuz, a vital route for global crude supplies. This geopolitical tension has contributed to the volatility that has characterized the oil market since mid-September.

The latest price movements reflect traders' responses to shifting expectations around Middle East supply recovery and diplomatic efforts. While some concerns have eased, the market remains sensitive to any further developments in the region.