G7 countries agreed to release 100 million barrels of diesel and crude from emergency reserves, according to reports. Furthermore, Middle Eastern crude exports surpassed pre-war levels during four of the seven days in the final week of September.
Overall, crude exports from the region reached an average of 22.4 million barrels per day over the seven days leading up to 30 September. Crude oil exports from the Middle East actually exceeded pre-war levels on 24 September and between 27 and 29 September, hitting between 19.5 million barrels per day and 22.5 million bpd.
Analysts suggest Saudi export volumes are returning toward pre-war levels, according to Tim Waterer, chief analyst at KCM Trade. The closure of the Strait of Hormuz previously imposed the largest costs on oil-exporting Gulf nations.
Meanwhile, Brent crude futures dropped 66 cents, or 0.65%, settling at $101.59 a barrel at 0240 GMT. US West Texas Intermediate crude stood at $90.12 a barrel, marking a decrease of 95 cents, or 1.03%.
The United Kingdom Maritime Trade Operations agency reported that attacks occurred in the Strait of Hormuz or in the Gulf of Aden at least once daily since 2 October. In separate regional developments, the Middle East, North Africa, Afghanistan and Pakistan (MENAAP) region projects a 2.1 per cent contraction in output for 2026.
The Gulf Cooperation Council (GCC) economies face an average projected contraction of 4.3 per cent. Conversely, oil-importing countries within the region are projected to grow to 4.3 per cent in 2026, up from 3.9 per cent in 2025.
Ukrainian President Volodymyr Zelenskiy told Reuters in an interview published on Saturday that Ukraine intends to increase its attacks on Russian oil refineries.
