Crude oil prices moved higher again, with Brent approaching the $100-per-barrel mark and US West Texas Intermediate (WTI) also posting gains after sharp losses earlier in the week. According to The Times of India, Brent crude was trading at $99.59 per barrel, up $1.30, or 1.32%, while WTI stood at $91.34, gaining $0.82, or 0.91%. The recovery came after Democrats swept control of both the US House of Representatives and the Senate, creating a potential legislative check on the administration of President Donald Trump.
The rebound followed a sharp correction in the previous sessions. On Wednesday, both benchmarks lost more than 8%, their steepest declines in the period covered by the source data. Brent shed $8.98, or 8.7%, to close at $94.62 per barrel, while WTI dropped $7.97, or 8.3%, to settle at $88.12.
Both ended at their lowest closing levels since August 31. Selling pressure continued on Thursday, pushing Brent below $95 and WTI under $90. Brent futures declined 50 cents, or 0.53%, to $94.12 per barrel, while WTI lost 61 cents, or 0.69%, to $87.51.
The price swings come as the global oil industry continues to absorb the effects of supply disruptions through the Strait of Hormuz. The outbreak of conflict in the Middle East weighed heavily on refinery operations in the second quarter of 2026, particularly in countries that depend on crude shipments passing through the strait, according to the US Energy Information Administration (EIA). Data from energy intelligence firm Kpler show that global refinery inputs fell by 4.8 million barrels per day (b/d), or 6%, in April-June compared with the previous quarter.
Throughput improved by 1.8 million b/d in the third quarter but remained below earlier levels as refiners adapted to changing trade flows and alternative supply routes. The impact was particularly visible in Asia. China's refinery inputs fell by 2.1 million b/d in the second quarter, followed by a further decline of 0.8 million b/d in the third quarter.
India, South Korea and Japan collectively recorded a reduction of more than 1 million b/d in the second quarter, but their combined inputs recovered by 0.8 million b/d in the following quarter. The Middle East also saw a slowdown in refining activity, as shipping restrictions through the Strait of Hormuz limited exports of refined petroleum products. Kuwait and the United Arab Emirates each recorded a 0.7 million b/d decline in inputs in the second quarter, while Saudi Arabia saw a reduction of 0.3 million b/d and Iran of 0.2 million b/d.
Together, the four countries recovered 0.4 million b/d in the third quarter. Refinery operations in Russia faced a separate setback amid increased attacks on oil infrastructure during the ongoing Russia-Ukraine conflict. Russian crude oil inputs declined by 0.6 million b/d in the second quarter and fell by another 0.8 million b/d in the third quarter.
The reduced refining activity in Russia, alongside disruptions in Asia and the Middle East, added pressure to already tight global diesel supplies. These combined disruptions contributed to diesel prices reaching their highest nominal levels on record in September, the EIA said. The United States followed a different trend.
Its refinery inputs rose by 0.5 million b/d in each of the second and third quarters, as the country increased refined product exports to make up for shortages in other markets. However, the improvement in the third quarter was not sufficient to restore global throughput to last year's levels. Inputs remained around 5% lower than in the corresponding period of 2025, despite the gradual improvement in crude oil flows.
Sources: The Times of India; US Energy Information Administration (EIA); Kpler.
Source: timesofindia.indiatimes.com