Oil Slides as Investors Weigh Supply
Outlook and Middle East Developments
Beijing, 15 Oct 2026 (ONA) — Oil
prices fell by more than a dollar in early trading today as investors assessed
supply risks stemming from attacks on vessels transiting the Middle East and US
efforts to lower oil shipping costs by easing sanctions on tankers.
Brent crude futures dropped $1.39,
or 1.31 percent, to $104.67 a barrel, while US West Texas Intermediate crude
futures fell $1.02, or 1.07 percent, to $94.07, erasing gains from the previous
session.
A US official said the
administration of President Donald Trump is considering easing sanctions on the
so-called shadow fleet, which transports oil and petroleum products from
countries such as Russia, Iran, and Venezuela, to help alleviate pressure on
prices after the war with Iran halted navigation and drove shipping costs to
record highs.
The US official indicated that the
new talks focus on the possibility of allowing the United States to permit
“legitimate oil” to flow aboard vessels previously subject to
sanctions. Increased production from Russia and the Middle East helped curb
price gains.
The International Energy Agency said
yesterday that Russia’s crude output rose by 65,000 barrels per day in
September to 8.43 million barrels per day, though it remained 870,000 barrels
per day below the same period last year.
The agency also said oil exports
from Gulf states rose by 4.4 million barrels per day in September to about 75
percent of pre-war levels.
In the United States, crude oil and
distillate inventories fell while gasoline stockpiles rose last week, market
sources said yesterday, citing American Petroleum Institute data. The sources
said crude inventories declined by 11.1 million barrels in the week ended 9 October.
Official data from the US Energy
Information Administration is due at 1600 GMT, after being delayed by a day due
to the Columbus Day holiday last Monday.
— Ends/Khalid
