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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
1 786.00
+121.00
1 435.00
-10.00
Oct 26
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	1 786.00	+121.00	1 435.00	-10.00	Oct 26

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
764.22	-0.10	896.15	-0.49	1 562.19	+0.63	Oct 27

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MABUX Market Differential Index (MDI)

Correlation between market bunker prices (MBP) and MABUX Digital Bunker Price Benchmark (DBP)

All Indexes in $/mton	380HSFO			VLS FO			MGO LS			Date
All Indexes in $/mton	MBP Index	DBP Index	MDI	MBP Index	DBP Index	MDI	MBP Index	DBP Index	MDI	Date
Rotterdam	700	789	-89	772	895	-123	1 445	1 677	-232	Oct 27
Singapore	890	847	+43	973	1 034	-61	1 343	1 670	-327	Oct 27
Fujairah	759	785	-26	986	982	+4	1 750	1 733	+17	Oct 27
Houston	618	731	-113	838	874	-36	1 413	1 556	-143	Oct 27

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Latest News
- 2026-10-28
  Oil rises over 1% after Saudi Arabian refinery attack reignites supply risk
  Oil prices climbed more than 1% on Wednesday after an attack on a refinery in Saudi Arabia renewed concerns around supply risks from the major exporter. Brent crude futures gained $1.59, or 1.4%, to $115.47 a barrel as of 0435 GMT. US West Texas Intermediate... Read more Oil prices climbed more than 1% on Wednesday after an attack on a refinery in Saudi Arabia renewed concerns around supply risks from the major exporter.
  
  Brent crude futures gained $1.59, or 1.4%, to $115.47 a barrel as of 0435 GMT. US West Texas Intermediate crude rose $1.43 or 1.4% to $101.33.
  
  Yemen’s Iran-aligned Houthis said on Tuesday they had hit Saudi Arabia’s biggest oil refinery with a missile, intensifying their strikes against the world’s second-largest crude producer. Saudi authorities did not immediately confirm the strike on the 550,000 barrel-per-day facility.
  
  Prices swung higher after dropping nearly $2 on Tuesday.
  
  For now, the market is still pricing in a greater likelihood of re-escalation, ING commodity strategists said on Wednesday.
  
  "Oil prices remain elevated as the market waits for greater clarity on President Trump’s next move toward Iran," said ING strategists.
  
  "If we get past the elections without renewed strikes on Iran, that might be enough for the market’s risk premium to start eroding," they added.
  
  Meanwhile, US crude oil stocks eased, according to market sources citing data from the American Petroleum Institute. Crude stocks fell by 2.03 million barrels in the week ended October 23, the sources said.
  
  However, analysts polled by Reuters estimated that crude inventories rose by about 15,000 barrels in the week. The market awaits the US Energy Information Administration’s official weekly inventory report, due later in the day, for more clarity.
  
  The market will also monitor an upcoming industry meeting on Sunday, where OPEC+ oil producers are expected to keep their December oil output targets steady, according to people with knowledge of the matter.
  
  Production in most of the seven core OPEC+ members — Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman — is below their output targets.
  
  Crude oil exports from Russia’s Baltic and Black Sea ports could fall next month as domestic refiners increase diesel output following a deal with Washington this month, traders said. Source: Reuters/Investing.com
- 2026-10-28
  Oil Markets Brace for a New Iran Escalation After U.S. Midterms
  Brent holds near $115 as Iran war tensions and escalating Saudi-Houthi hostilities keep oil markets on edge ahead of U.S. midterms. Hormuz Becomes Even More Dangerous — and More Expensive - October has seen the most acute escalation in maritime... Read more Brent holds near $115 as Iran war tensions and escalating Saudi-Houthi hostilities keep oil markets on edge ahead of U.S. midterms.
  
  Hormuz Becomes Even More Dangerous — and More Expensive
  
  - October has seen the most acute escalation in maritime attacks since the US-Iran war started eight months ago, with already more than 30 incidents recorded in the Strait of Hormuz and surrounding waterways, up from 14 in September.
  
  - The most recent addition to the list of maritime targets is a crude tanker in Iraq’s exclusive economic zone, signaling that it is not only tankers seeking to surreptitiously transit the Hormuz that get targeted by Iran.
  
  - VLCCs, the largest crude tankers available, account for 28% of all drone and missile attacks in the Persian Gulf, with the 32 impacted ships representing almost 4% of the global VLCC fleet.
  
  - Freight rates from the Gulf remain elevated with a Saudi Arabia-China voyage still costing around $33 per barrel, whilst regional demurrage rates have been rising since mid-August to their current level of $1,000,000/day.
  
  - UKMTO, a provider of maritime security alerts, recently admitted that it is becoming increasingly more difficult to report on strikes as transiting ships prefer to sail unnoticed and charterers are wary of pushing freight rates even higher.
  
  Market Movers
  
  - US gas producer EQT (NYSE:EQT) has agreed to buy Range Resources (NYSE:RRC) in a $13 billion all-stock deal to create the largest US gas company, with the combined Appalachian-focused company having a net output of more than 9 bcf/d.
  
  - US energy firm Ovintiv (NYSE:OVV) will acquire Canada’s Logan Energy in an all-cash deal valued at $0.9 billion, adding around 20,000 boe/d of production and 266,000 net acres across the Montney shale play.
  
  - UK oil major BP (NYSE:BP) has started the second phase of exploration in Venezuela’s offshore Loran gas field, using the research and survey vessel Fugro Brasilis to perform final seabed studies.
  
  - US oil giant ExxonMobil (NYSE:XOM) reported a commercial discovery with its Rockhead-1 exploration well offshore Guyana, its first drilling success since the 2024 Hatchetfish find with a resource estimate of 500-600 million barrels.
  
  - Italian oil major ENI (BIT:ENI) has launched the construction of its 3 TCf Cronos project offshore Cyprus, aiming for first gas in the first half of 2028, to be exported via Egypt’s Damietta LNG terminal.
  
  Tuesday, October 27, 2026
  
  The oil markets are counting down the days until the November 3 midterm elections in the US, with expectations of impending hostilities rising into next month. Last-minute efforts to negotiate some form of de-escalation are ongoing, with both Qatar and Pakistan seeking to mediate between the Trump administration and Tehran, temporarily capping the upside for ICE Brent at $115 per barrel. Simultaneously to Hormuz tensions, the Saudi-Houthi conflict appears to be gaining self-sustaining momentum.
  
  OPEC+ Holds the Fort on Supply Hikes. OPEC+ is expected to hold December output targets steady at its Sunday's meeting, with seven core members focusing on 2027 production quotas instead after they’ve completed the roll-back of 1.65 million b/d voluntary cuts, disrupted by the Hormuz crisis.
  
  US Moves China Shipping Fees into 2027. The US is considering extending its truce with China on port charges for Chinese-linked ships by two months to January 9, preserving a suspension of tit-for-tat fees that previously imposed millions of dollars per port call and raised freight costs.
  
  Houthis Hit Saudi Arabia’s Largest Refinery. Yemen's Houthis claimed a ballistic missile strike hit Saudi Arabia's 550,000 b/d Ras Tanura refinery, causing a fire and disrupting operations at the Middle Eastern kingdom’s largest plant, with an earlier March attack shutting it for three months.
  
  Refining Boom Derails Galp–Moeve Merger. Portugal’s Galp and Spain’s Moeve have abandoned plans for a potential downstream merger that would’ve combined 700,000 b/d of refining capacity and 3,500 service stations, claiming that 2026 bumper profits made it harder to agree M&A terms.
  
  Brussels Builds a European Wall Against China. The European Union may introduce quotas or tariffs on Chinese chemicals, furniture and machinery from early 2027, seeking to replicate its recent import caps on hybrid vehicles as it struggles to narrow its €360 billion trade deficit.
  
  Singapore Launches First LNG Term Tender. Singapore’s state gas buyer GasCo launched its first ever LNG term supply tender after neighbouring Indonesia had announced it would slash pipeline gas exports by 15% to 31 MMCf/d, just as the government plans to add 5 new gas-powered plants.
  
  East Timor Buys Out Its Untapped Offshore Gem. Australia’s major Woodside (ASX:WDS) has agreed to sell its stakes in the Greater Sunrise fields offshore East Timor for $200 million to the island nation, leaving state oil firm Timor gap as the only stakeholder of the untapped 5.3 TCf field.
  
  Alberta Pushes for Scrapping of Tanker Ban. The province of Alberta called on the Carney government to repeal Canada's 2019 West Coast tanker ban that bars vessels carrying over 12,500 tonnes from loading at British Columbia ports, backing a proposed 250,000 b/d crude-by-rail route.
  
  Indonesia Gives Up on Market-Based Imports. Indonesia plans to replace tender-based crude oil and refined product imports with government-to-government (G2G) and government-to-business (G2B) agreements to secure supplies, courting India and China for long-term supply deals.
  
  Dangote Considers Third African Refinery. Nigeria’s Dangote conglomerate is considering building a third 700,000 b/d refinery in Africa, alongside the existing plant in Lekki and the upcoming Kenyan refinery in Lamu, whilst simultaneously investing into refined product pipelines in West Africa.
  
  Malaysia Doubles Down on Coal. The Malaysia government has proposed extending the lifespan of its existing coal-fuelled power plants despite an earlier pledge to retire coal by 2044, with coal accounting for 56% of current generation as JKM prices jumped to $33 per MMBtu this week.
  
  Iron Ore Plunges Again on China Demand Fears. Iron ore prices fell to their lowest since September 2024 as weak Chinese demand and wafer-thin margins are expected to curb Q4 steel consumption, sending the Dalian iron ore futures to ¥662 per tonne, below the $100 per tonne threshold.
  
  White House to Ease Methane Emission Rules. The Trump administration is planning to relax rules on methane emissions from oil and gas operations, including exemptions for wells producing up to 15 boe/d, projecting incremental output of 210 million barrels for older and depleted wells.
  
  Bahri Orders Three New VLCCs to Expand Tanker Fleet. Saudi national shipping company Bahri has ordered three VLCCs from domestic shipbuilder International Maritime Industries for $451 million, with deliveries scheduled in 2029-30 and marking the first attempt at exclusively Saudi shipbuilding.
  
  UK Considers Fast-Track Approvals for Tiebacks. The UK’s Burnham government is considering the fast-tracking of a small number of oil and gas tiebacks before pending legislation creates Transitional Energy Certificates that extend existing fields but preserve the country’s exploration ban. Source: Oilprice.com
- 2026-10-28
  US Crude Oil Inventories Buck Analyst Expectations
  The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 2.031 million barrels in the week ending October 23. In the week prior, US crude oil inventories fell by a staggering 4.93 million barrels. Commercial... Read more The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 2.031 million barrels in the week ending October 23. In the week prior, US crude oil inventories fell by a staggering 4.93 million barrels.
  
  Commercial crude oil inventories excluding the SPR have lost more than 58 million barrels over the last 28 weeks, but US crude inventories are still only 7 million below where they were at the beginning of the year, according to API data, kept in check in part thanks to draws from the SPR.
  
  For the week ending October 23, 100,000 barrels of crude oil left the SPR to aid commercial inventories, bringing the total inventory held in the SPR down to 282.6 million barrels—a level that is still 431 million barrels shy of maximum capacity.
  
  The generally accepted operational minimum for oil in the SPR is between 250-300 million barrels, below which the reserve may find it difficult to pump and process oil efficiently.
  
  US production for the week ending Oct 16 slipped to 13.269 million bpd, down from 13.679 in the week prior, and down 360,000 bpd from a year ago.
  
  At 4:17 pm ET on Wednesday, Brent crude was trading down on the day at $114.25 (-1.35%). Brent is trading up more than $5 per barrel from this time last week.
  
  WTI was also trading down on the day, by $2.36 per barrel (-2.29%) at $100.51, which is down roughly $1 per barrel since this time last week.
  
  Gasoline inventories rose by 2.39 million during the week ending October 23. In the week prior, gasoline inventories fell by 2 million barrels. In the week prior, gasoline inventories were 5% below the five-year average for this time of year, according to the latest EIA data.
  
  Distillate inventories rose by 380,000 barrels compared to the 2.6 million barrels lost in the week prior. Distillate inventories were already 9% below the five-year average heading into this reporting period, the latest EIA data shows.
  
  Cushing inventory—the inventory kept at the delivery hub for the WTI Crude futures contract—lost 453,000 barrels after gaining 900,000 barrels in the previous week. Source: Oilprice.com
- 2026-10-28
  Russia’s Crude Exports Set to Fall as Diesel Production Rises
  Russia's crude exports from its western ports could fall by as much as 200,000 barrels per day in November as refiners increase diesel production under Moscow's new agreement with Washington, according to preliminary loading schedules cited by Reuters... Read more Russia's crude exports from its western ports could fall by as much as 200,000 barrels per day in November as refiners increase diesel production under Moscow's new agreement with Washington, according to preliminary loading schedules cited by Reuters on Tuesday.
  
  Two traders expect shipments from Russia's Baltic and Black Sea ports to decline by 100,000 to 200,000 bpd from October. The estimates include Kazakh crude transported through Russian pipelines.
  
  Russian refineries have increased processing since the October 9 diesel agreement between Presidents Donald Trump and Vladimir Putin, helped by the return of facilities from maintenance. Moscow has issued new diesel export quotas after restricting shipments earlier this year to address domestic fuel shortages, while Washington has eased sanctions on Russian fuel exports.
  
  The arrangement gives Russia an opportunity to increase diesel sales during a global fuel shortage, although its refineries will need more crude to sustain higher processing rates. Russian oil production, however, has been declining for months.
  
  OPEC secondary-source estimates put September production at 8.64 million bpd, the lowest since mid-2020 and the tenth consecutive monthly decline. Moscow also lowered its 2026 production forecast in September to a 17-year low.
  
  Russia's seaborne crude exports were already struggling in October. Shipments averaged 3.59 million bpd in the four weeks through October 18, down 110,000 bpd from the previous period. Weekly exports fell to 3.13 million bpd, their lowest since March, following a temporary suspension of loading at Primorsk.
  
  At Novorossiysk, crude loadings are facing delays of nearly three weeks, according to the traders, with threats to shipping in the Black Sea limiting exports. Further Ukrainian strikes on Russian refineries could also derail plans to increase diesel production in November, leaving more crude available for export than currently expected.
  
  Less Urals crude is also expected to move through the Northern Sea Route as Arctic navigation winds down for the season.
  
  Russia's ability to increase diesel exports will depend on refinery availability and sufficient crude supply, both of which remain constrained after months of Ukrainian attacks and declining domestic production. Source: Oilprice.com
- 2026-10-28
  Saudi Aramco Offers Discounted Oil to Europe as Exports Recover
  Saudi Aramco is offering additional crude to European refiners for October and November loading, just weeks after telling customers they would receive no oil under their October contracts following an attack on the kingdom's East-West pipeline. The... Read more Saudi Aramco is offering additional crude to European refiners for October and November loading, just weeks after telling customers they would receive no oil under their October contracts following an attack on the kingdom's East-West pipeline.
  
  The Saudi oil giant offered late-October spot cargoes at a discount to its official selling price, according to Bloomberg, citing a person familiar with the matter. The shipments were available from either the Red Sea port of Yanbu or Sidi Kerir on Egypt's Mediterranean coast.
  
  Aramco followed those offers with additional November spot cargoes. European refiners have also been told they will receive their full contracted November allocations, a considerable improvement from the October cancellations.
  
  Aramco told European refiners earlier this month that their contracted October cargoes weren't coming after an attack shut down the East-West pipeline. Now the pipeline is running again, and the company is offering spot shipments for October and November, with some October barrels priced below its official selling price.
  
  Quite a turnaround for customers who were told they weren't getting any oil at all.
  
  Saudi Arabia normally ships 700,000 to 800,000 barrels per day to Europe, much of it under long-term contracts. The October cancellations sent refiners into the spot market looking for replacement barrels. Now Saudi crude is available again, and prices for some European grades have already started to fall.
  
  The additional Saudi supply has already helped push down prices for some crude grades in Europe this week, traders told Bloomberg.
  
  Saudi Arabia's production recovery has been substantial. The kingdom increased output by roughly one-third in September to more than 8 million bpd, rebounding from its lowest production level in more than three decades in August.
  
  Other Gulf producers are also recovering. The United Arab Emirates has increased production to a record high, according to the International Energy Agency, while Iraqi exports are approaching prewar levels.
  
  The recovery comes despite continued Iranian attacks on regional energy infrastructure and vessels near the Strait of Hormuz.
  
  Aramco is also pursuing additional overseas crude storage and alternative export capacity to reduce its exposure to regional disruptions, including an agreement to store oil in Singapore beginning in 2027. Source: Oilprice.com
- 2026-10-28
  OPEC+ Set to Keep Oil Quotas Unchanged
  The key OPEC+ producers managing their collective oil production are expected to keep quotas unchanged for December when they meet on Sunday, sources familiar with the plans told Reuters on Tuesday. Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria,... Read more The key OPEC+ producers managing their collective oil production are expected to keep quotas unchanged for December when they meet on Sunday, sources familiar with the plans told Reuters on Tuesday.
  
  Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman have kept their targeted output unchanged after completing in September the phased rollback of 1.65 million barrels per day (bpd) of supply cuts first agreed in 2023.
  
  These targets have been only on paper in the past eight months as the Middle East conflict disrupted crude oil supplies via the Strait of Hormuz, forcing many Gulf producers to slash output in the spring. Since then, many producers have raised their output as flows through Hormuz began to increase in August and September and nearly reached pre-war levels, excluding Iran’s supply.
  
  Despite the rise in oil exports from the Strait of Hormuz in the past two months, many Gulf producers part of the OPEC+ alliance still produce below their respective quotas.
  
  The seven OPEC+ producers have spent much of 2026 raising their monthly production quotas, with the September increase completing the phased rollback of 1.65 million bpd.
  
  Much of that additional supply has failed to reach the market when it’s needed. Actual production has lagged the higher quotas as the Iran war disrupted Gulf exports through the Strait of Hormuz, while the war in Ukraine has hit exports from Russia and Kazakhstan.
  
  OPEC+ still has another layer of production cuts covering most of its members through the end of 2026. Attention is now turning to production baselines for 2027, which determine how individual countries’ quotas are calculated.
  
  The producer group, led by Saudi Arabia and Russia, appears to have shifted its focus to debates and discussions about the 2027 quotas, which the alliance plans to review and set the baselines for any cuts going forward. Source: Oilprice.com
- 2026-10-28
  Investors From 119 Countries Pile Into Dangote’s Record Refinery IPO
  The initial public offering of Nigeria’s Dangote refinery has reached its target to raise $1.6 billion in funds from domestic and retail investors alone, sources with knowledge of the IPO process told Bloomberg on Tuesday. Demand from international... Read more The initial public offering of Nigeria’s Dangote refinery has reached its target to raise $1.6 billion in funds from domestic and retail investors alone, sources with knowledge of the IPO process told Bloomberg on Tuesday.
  
  Demand from international investors is set to significantly exceed even the $2.1-billion target with a 30% over-allotment option, according to the sources.
  
  The Dangote refinery is going public as Africa’s richest man, Aliko Dangote, is targeting 10 million retail investors in the “IPO for the people” pitch of Africa’s biggest initial public offering.
  
  The Dangote group last month launched a widespread marketing campaign to attract retail investors as part of the IPO planned to raise $1.6 billion and valuing the largest refinery in Africa at $47 billion.
  
  The IPO could raise as much as $2.1 billion if the company exercises its greenshoe option, which is now almost a given, considering the record-high interest in the float.
  
  The closing date for the offering was extended by two weeks and ends on October 27, and yet demand from the retail and domestic market alone has already fully covered the target to raise $1.6 billion.
  
  Investors from 119 nations have applied to gain access to the IPO, according to Bloomberg’s sources who asked to remain anonymous.
  
  The IPO is Africa’s biggest and will greatly expand the number of retail investors in Nigeria and the continent.
  
  “With a minimum subscription of just 10 shares, the offer is designed to give ordinary Nigerians and Africans an opportunity to own a stake in the refinery,” Aliko Dangote said at the IPO launch last month.
  
  “The IPO is positioned not simply as a capital-raising exercise, but as an opportunity for workers, entrepreneurs and everyday Nigerians to participate in the refinery’s future growth,” according to Dangote.
  
  Proceeds from the IPO are expected to be invested in a $14-billion plan to double the refinery’s crude processing capacity from nearly 700,000 barrels per day (bpd) now to 1.4 million bpd by 2029. Source: Oilprice.com
- 2026-10-27
  Oil falls almost $2 as Middle East talks help ease supply worries
  Oil futures settled down by almost $2 a barrel on Tuesday, though prices remain near six-month highs due to the disruption of shipping around the Middle East, and an agreement to end the US-Israeli war with Iran remains elusive. Brent crude futures... Read more Oil futures settled down by almost $2 a barrel on Tuesday, though prices remain near six-month highs due to the disruption of shipping around the Middle East, and an agreement to end the US-Israeli war with Iran remains elusive.
  
  Brent crude futures settled down $1.93, or 1.67%, at $113.88 a barrel. US West Texas Intermediate crude settled down $1.86, or 1.83%, at $99.90.
  
  Iranian Security Council chief Mohsen Rezaei met Supreme Leader Ayatollah Mojtaba Khamenei on Tuesday, a day after holding talks with representatives of Saudi Arabia, Turkey and Pakistan.
  
  State media said Khamenei had emphasized the importance of pursuing Iran’s interests and maintaining its conditions for ending the war.
  
  The four countries agreed to continue talks with a view to strengthening cooperation in peace and security, Iranian state media said.
  
  The outlook for peace remains uncertain as Yemen’s Iran-aligned Houthis renewed attacks on key oil producer Saudi Arabia. The Houthis said on Tuesday that they had struck Saudi Arabia’s Ras Tanura oil refinery, the ⁠biggest in the kingdom, with a ballistic missile.
  
  "Continued Houthi attacks on Saudi Arabia and the expanding military presence in the Gulf are keeping supply risks in place, even as diplomatic headlines encourage some of the recent premium to unwind," said Gelber & Associates analysts in a note.
  
  October has been the worst month for attacks on commercial shipping in the Strait of Hormuz and nearby waterways, according to data compiled by the Washington Institute for Near East Policy, a think tank that has tracked maritime security incidents worldwide since 2017.
  
  Traffic through the Strait of Hormuz has risen but the number of vessel attacks has increased, with risks likely to become more acute if US naval support wavers, UBS said.
  
  Brent prices surged to more than $117 a barrel last week, their highest since April, after a wave of Iranian attacks on tankers around the strait.
  
  UBS said it expects Brent prices to stay elevated near $110 a barrel through the end of the year, an increase from its previous forecast for $100 a barrel at the end of the year.
  
  "The impression now is that there is a significant risk premium in crude oil prices for the risk that the US/Israel will attack Iran in the coming weeks," said SEB analyst Bjarne Schieldrop.
  
  Investors were also looking for cues from Israel’s election on Tuesday, which could spell the end of Prime Minister Benjamin Netanyahu’s time in office, though polling suggested results would be close and that his Likud party could still prevail.
  
  "The outcome of today’s parliamentary elections in Israel could also be significant for further developments in the war with Iran, as Israeli Prime Minister Netanyahu, if re-elected, might attempt to achieve regime change in Iran," Commerzbank analysts wrote.
  
  Crude oil exports from Russia’s Baltic and Black Sea ports were forecast to fall next month as domestic refiners plan to increase their output after the end of maintenance and to produce more diesel to meet the demands of a deal struck this month between Washington and Moscow, two traders said.
  
  Russian oil refineries increased crude processing by 25% in the second half of October compared to the beginning of the month after persistent Ukrainian drone attacks on the plants ceased, three people in the industry told Reuters. Source: Investing.com/ Reuters
- 2026-10-27
  Oil eases on Middle East diplomacy hopes, Saudi attacks keep supply worries alive
  Oil prices edged lower on Tuesday as the potential for a resolution in the US-Israeli war on Iran kept supply fears at bay, but Brent stayed close to six-month highs as attacks on Saudi Arabia lowered hopes of immediate stability in the region. Brent... Read more Oil prices edged lower on Tuesday as the potential for a resolution in the US-Israeli war on Iran kept supply fears at bay, but Brent stayed close to six-month highs as attacks on Saudi Arabia lowered hopes of immediate stability in the region.
  
  Brent crude futures were down 66 cents, or 0.57%, at $115.15 a barrel as of 0000 GMT, while US West Texas Intermediate crude was down 44 cents, or 0.43%, at $101.32.
  
  Saudi Arabia, Turkey and Pakistan held talks with Iranian officials in Tehran on Monday aimed at easing tensions in the Middle East. Saudi Arabia said the visit sought to establish open negotiating channels to "prevent the return of military escalation". The four countries agreed to continue talks with a view to strengthening cooperation in peace and security, Iranian state media reported.
  
  Hopes of resolution in the conflict erased some fears of supply disruption, lowering risks and pressuring oil prices.
  
  However, losses were limited as scope for peace looked fragile, with renewed attacks by Iran-aligned Houthis on key producer Saudi Arabia.
  
  October has been the worst month for attacks on commercial shipping in the Strait of Hormuz and nearby waterways, according to data compiled by a Washington-based think tank that has tracked maritime security incidents worldwide since 2017.
  
  The war has rippled across the Middle East, placing the Strait of Hormuz at the center of the turmoil. The narrow waterway carried around a fifth of the world’s energy supplies before the conflict erupted in February.
  
  Last week, Brent prices surged to more than $117 a barrel, the highest level since April, after a wave of Iranian attacks on tankers around the strait. Brent prices touched $117 on Monday as well.
  
  Elsewhere, Russian refiners are raising diesel production in October after the government granted export quotas following the Kremlin’s supply agreement with the US, two industry sources close to the matter said.
  
  Source: Investing.com/ Reuters
- 2026-10-27
  Russian Refiners Ramp Up Diesel Output to Supply Trump Deal
  Russian refiners have raised diesel output for October after Moscow issued export quotas under the Kremlin’s supply agreement with the United States, two industry sources told Reuters on Monday. Daily production fell to about 160,000 metric tons in the... Read more Russian refiners have raised diesel output for October after Moscow issued export quotas under the Kremlin’s supply agreement with the United States, two industry sources told Reuters on Monday. Daily production fell to about 160,000 metric tons in the first half of the month, from 175,000 tons in September. It began climbing toward 180,000 tons a day once the quotas arrived in mid-October.
  
  Russia’s domestic diesel consumption typically drops to about 140,000 tons a day in October, after the grain harvest and the summer driving season end, leaving at least 40,000 tons a day, more than 1 million tons a month, available for export, according to the sources. Between 200,000 and 300,000 tons of that is likely to go to neighbouring countries under intergovernmental agreements.
  
  Moscow is expected to keep its diesel export ban, which took effect in August, in place and to use quotas to control how much leaves the country.
  
  U.S. President Donald Trump said on October 9 that Russia would ship more than 300,000 tons of diesel immediately, followed by 500,000 tons in November and 1 million tons after that. A further 3 million tons would depend on the condition of Russia’s refineries. Washington has temporarily lifted sanctions on Russian fuel to allow the trade, with a six-month Treasury waiver issued the same day.
  
  The waiver goes beyond pre-election price relief, and is seen by some analysts as a first step toward easing sanctions on Russian energy and pulling Moscow’s supplies back toward the West and away from China, which has come to rely on Russia since the Hormuz closure cut off Gulf oil.
  
  The first cargo on the Malta-flagged Agioi Fanendes left Primorsk on October 23 with about 40,000 tons of ultra-low sulfur diesel and is due in New York on November 7, four days after the midterm elections. The average U.S. diesel price stood at $6.32 a gallon that day, up from $3.63 a year earlier.
  
  Kremlin spokesman Dmitry Peskov said shipments to the United States would continue regularly. At least two other tankers carrying Russian diesel have signaled destinations in Turkey and Brazil.
  
  Analysts doubt the volumes will move the market. Standard Chartered has warned that Russia will struggle to raise diesel output in the near term because Ukrainian drone strikes have damaged its refineries, which will take months to repair. The bank adds that barrels redirected to U.S. buyers come out of supply to Russia’s existing customers. Kyiv resumed refinery strikes on October 15 after a three-day pause, which puts the October recovery at risk. Source: Oilprice.com

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