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Oil Prices Steady at $98 Amid West Asian Supply Recovery Concerns
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CNBC TV18•01-10-2026, 06:35
Oil Prices Steady at $98 Amid West Asian Supply Recovery Concerns
- •Oil prices held steady with Brent crude around $98 a barrel as investors assessed the sustainability of West Asian crude supply recovery.
- •Crude flows from West Asia are nearing pre-war levels, with shipments at 98% of pre-war volumes, but fuel product supplies lag at 58%.
- •Iranian officials received Washington's response to their peace proposal, days after US President Donald Trump publicly rejected it.
- •Crude prices rose for a third consecutive month in September due to ongoing geopolitical tensions and lack of a lasting peace deal.
- •Concerns persist over low distillate and gasoline stockpiles in the US, and potential US diesel export bans.
Key Questions Answered
On Thursday, October 1, 2026, Brent crude settled around $98 a barrel after reaching as high as $104 during intraday trading. Meanwhile, West Texas Intermediate (WTI) for November delivery slipped 0.4% to $90.07 a barrel.
JPMorgan Chase & Co analysts estimated that West Asian crude shipments climbed back to 17.5 million barrels a day, reaching 98% of pre-war levels. However, flows of products like diesel and gasoline reached only 3 million barrels a day, or 58% of pre-war levels.
Iranian officials stated that they received Washington's official response to Tehran's latest proposal to end the seven-month war. Foreign Minister Abbas Araghchi presented the reply to President Masoud Pezeshkian during a Cabinet meeting.
