Brent crude hovered around $102 a barrel on Friday, supported by mounting geopolitical tensions in the Middle East and fresh supply constraints from China. The United States is reportedly deploying a third aircraft carrier strike group to the region, together with an amphibious force carrying 2,000 Marines, heightening fears of a possible escalation in the months-long conflict. The move follows indications from US President Donald Trump that he intends to resume strikes on Iran after the November midterm elections.
At the same time, China’s major refiners have suspended most refined fuel exports for October, curbing product supplies to the global market. Even so, a strong rebound in oil shipments from the Persian Gulf has helped offset upward pressure on prices. Middle Eastern crude exports have climbed back toward prewar levels, though uncertainty surrounding US-Iran negotiations continues to cloud the market outlook.
In a bid to stabilize supplies and prices, G7 countries have agreed to release up to 100 million barrels of diesel and crude from strategic stockpiles over the next four months.
