Brent swings near $100 as Gulf exports recover and OPEC+ holds line
On 1 October, Brent crude rebounded above $100 a barrel in European trade after an Asian dip, as markets weighed recovering Gulf shipments against an elusive US–Iran deal; OPEC+ is expected to keep November targets unchanged, Euronews reported.
Oil prices remained volatile at the start of October. Euronews reported that Brent, the international benchmark, bounced back above $100 a barrel in the European morning on Thursday after slipping in Asia, while West Texas Intermediate traded near about $92.80, each up roughly 2.6% at the time of writing.
Supply recovery versus diplomacy
Crude exports from the Gulf have climbed back close to pre-war levels, and Saudi Arabia has partly restored its East-West pipeline that bypasses the Strait of Hormuz. Iran said it had received a US response to an offer to reopen the strait if Washington lifts its blockade of Iranian ports, releases frozen assets and eases oil sanctions; President Masoud Pezeshkian said Tehran would make every effort toward an agreement. US President Donald Trump struck a blunter tone, telling reporters the conflict would end very soon one way or another.
OPEC+ and shipping risk
OPEC+ is expected to keep November output targets unchanged when it meets on Sunday, according to delegates cited by Bloomberg and relayed by Euronews. Shipping risks stayed elevated: British maritime authorities said three vessels were struck in the strait on Tuesday. Separately, some sessions saw Brent ease toward the mid-$90s as recovering Middle East loadings and an unexpected US crude inventory build reduced immediate supply fears, underscoring how quickly the tape can swing while diplomacy remains unresolved.
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