Brent Crude Oil Price Today: Brent crude oil prices climbed above the psychologically important $100-a-barrel mark on Wednesday, extending gains from the previous session as persistent risks to Middle East energy flows outweighed signs of improving supply from the region.
Brent crude was last trading at $101.68 a barrel, up 1.09%, after rising to around $101 earlier in the session. Oil prices remain lower for the week, however, as crude flows through the Persian Gulf show signs of recovery.
The latest gains came as markets continued to assess the risk of further disruptions to oil supplies from the Middle East. Iran has intensified attacks on tankers in the Strait of Hormuz in recent days, with the UK Maritime Trade Operations reporting nine incidents so far this month.
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At the same time, signs of recovering supply have capped the broader rise in oil prices. Tankers have continued to pass through the Strait of Hormuz despite heightened security risks, while Saudi Arabia’s East-West oil pipeline has restored crude pumping capacity to 5.8 million barrels per day.
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Why Are Oil Prices Rising Today?
The key driver for Brent crude oil prices remains uncertainty around Middle East energy supplies.
A Saudi-led coalition said it intercepted and destroyed a ballistic missile launched by the Houthis towards Khamis Mushait in Saudi Arabia. Separately, Saudi Arabia’s airports in Jazan and Najran were targeted in attacks on Monday evening, with three people injured and limited damage reported.
The developments have raised concerns that the conflict could threaten crude and refined-product flows from the region, limiting the downside in oil prices.
US Crude Inventories In Focus
US crude inventories are also in focus for the oil market on Wednesday.
Industry data showed US crude stocks declined by 2.1 million barrels last week, while official inventory figures from the US Energy Information Administration are due later today.
Analysts had previously estimated that US energy companies added around 1.8 million barrels of crude to storage in the week ended October 2. If confirmed, it would mark the first three-week streak of inventory builds since August.
G7 Emergency Oil Reserve Release
Oil markets are also weighing plans by the Group of Seven to release emergency diesel and crude stockpiles.
The G7 has agreed to release 100 million barrels of diesel and crude oil from emergency reserves, although the group has not yet provided a detailed breakdown of the volumes or specified which countries will participate.
The International Energy Agency is expected to meet next week to work out the details of the diesel stock release as governments attempt to address shortages and elevated fuel prices.
Middle East Supply Risks Keep Brent Crude In Focus
Despite signs of recovering supply, the possibility of further disruptions remains a key support for Brent crude oil prices.
Saudi Energy Minister Prince Abdulaziz bin Salman said on Tuesday that crude pumped through the country’s East-West Pipeline to the Red Sea export hub of Yanbu had reached 5.8 million barrels per day.
Meanwhile, the US Energy Information Administration projected that global petroleum production could fall from a record 106.3 million barrels per day in 2025 to 101.1 million barrels per day in 2026. Global oil demand is also projected to decline from 104.4 million barrels per day in 2025 to 102.4 million barrels per day in 2026.
For 2027, the EIA expects both global oil supply and demand to recover to record levels, with production projected at 109.6 million barrels per day and consumption at 104.6 million barrels per day.
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