Business & Finance

Brent Climbs Toward $100 After Two‑Month Low, WTI Gains Amid Political Shift

By Shivanghi Payal

Brent crude rose to $99.59 per barrel, up 1.32% or $1.30, while U.S. West Texas Intermediate (WTI) climbed to $91.34, a gain of 0.91% or $0.82. The rebound follows a sharp decline earlier in the week, when both benchmarks fell more than 8%—Brent to $94.62 and WTI to $88.12—reaching their lowest close since August 31. Thursday’s selling pressure pushed Brent below $95 and WTI under $90, with futures at $94.12 and $87.51 respectively. The price movement comes after Democrats gained control of both the U.S. House and Senate, potentially providing a legislative check on President Donald Trump’s administration.

Global refining activity remains affected by Middle East disruptions. The U.S. Energy Information Administration (EIA) reports that global refinery inputs fell 4.8 million barrels per day (b/d), or 6%, in April‑June compared with the prior quarter, according to Kpler data. Throughput rose 1.8 million b/d in the third quarter but stayed below earlier levels as refiners adjusted trade flows and alternative routes. In Asia, China’s inputs dropped 2.1 million b/d in Q2 and another 0.8 million b/d in Q3; India, South Korea and Japan together fell more than 1 million b/d in Q2, recovering 0.8 million b/d in Q3.

The Middle East also saw reduced refining due to Strait of Hormuz shipping restrictions. Kuwait and the United Arab Emirates each recorded a 0.7 million b/d decline in Q2, Saudi Arabia fell 0.3 million b/d, and Iran 0.2 million b/d; the four countries recovered 0.4 million b/d in Q3.

In Russia, refinery operations were hit by attacks on oil infrastructure amid the Russia‑Ukraine conflict. Russian crude inputs fell 0.6 million b/d in Q2 and another 0.8 million b/d in Q3. These disruptions, along with those in Asia and the Middle East, tightened global diesel supplies, contributing to diesel prices reaching their highest nominal levels on record in September, per the EIA.

The United States experienced a different trend: refinery inputs rose 0.5 million b/d in both Q2 and Q3 as the country increased exports to offset shortages elsewhere. However, the improvement in Q3 was insufficient to bring global throughput back to last year’s levels; inputs remained about 5% below the corresponding period in 2025 despite gradual gains in crude flows.