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Global crude oil prices moved without direction. At about 7:45 p.m. Thailand time, West Texas crude for November delivery fell 0.81 dollars, or 0.89%, to 90.30 dollars per barrel, while Brent crude for December delivery rose 0.38 dollars, or 0.37%, to 102.63 dollars per barrel. The Group of Seven leading industrial nations, the G7, reached an agreement to release diesel and crude oil onto the market to control surging fuel prices, stating in a declaration that it would release up to 100 million barrels from reserves within four months and would release large volumes of diesel in the first 20 days. The agreement came after the Trump administration pressured European allies, especially Germany and France, which hold a large share of the European Union's diesel reserves. Meanwhile, the Iran-backed Houthi group said it fired long-range missiles and drones at Saudi Aramco oil facilities in Riyadh and Qures in Saudi Arabia. Ukrainian President Volodymyr Zelensky told Reuters in an interview that he would double attacks on Russian oil refineries, and OPEC+ postponed its review of oil production quotas for members in 2027 because the war with Iran has affected plans to expand production capacity in the Middle East.

Iran is reviewing U.S. comments on its proposal to end the fighting and reopen the Strait of Hormuz, Iranian Deputy Foreign Minister for Legal and International Affairs Kazem Gharibabadi said on Sunday, October 4. Saudi Arabia, the Middle East's largest crude oil exporter, announced it will cut prices for November-loading crude for Asian customers, an unexpected move, while raising prices for customers in Northwest Europe and the Mediterranean. Meanwhile, Japanese Chief Cabinet Secretary Minoru Kihara confirmed on October 5 that Japan has no plans to release additional crude oil from its national reserves, as it has already released supply into the market, even though the G7 countries reached an agreement on Friday, October 2, to release a total of 100 million barrels of diesel and crude oil from emergency reserves. In Japan itself, authorities plan to amend economic security legislation to require companies and organizations holding big data to notify the government before transferring or disclosing sensitive personal information to third parties. Daiwa Securities Group disclosed on October 5 that data on approximately 110,000 customers of its securities brokerage subsidiary, including non-personal information, may have leaked after a server managed by a subcontractor was accessed without authorization. Also on the same day, Japanese Prime Minister Sanae Takaichi delivered a policy speech to parliament, pledging to cut the consumption tax on food products without issuing new bonds in order to reassure the markets. In addition, the U.S. Federal Bureau of Investigation announced the arrest of a California woman at Los Angeles International Airport on Sunday, October 4, charging her with acting as an unregistered agent of a foreign government after she was found surveilling and following the son of Taiwan's president on the orders of Chinese government officials. U.S. President Donald Trump announced the creation of the Super Intelligence Force, a new federal task force to coordinate government artificial intelligence operations. Spanish Prime Minister Pedro Sánchez announced early elections on November 29, acknowledging his government's mistakes after facing heavy pressure from public protests over the housing crisis across the country, and after parliament rejected the emergency decree aimed at addressing the crisis.

Minoru Kihara, Japan's Chief Cabinet Secretary, confirmed that Japan currently has no plan to release additional crude oil from its national reserves, as it has already released supply into the market previously, even though the G7 countries reached an agreement on Friday, October 2, to release a total of 100 million barrels of diesel and crude oil from emergency reserves. Kihara said at a press conference that Japan has been releasing oil from its reserves for some time and has no plan to release more at this stage. Japan stated in March that it would release approximately 80 million barrels of oil from its reserves as part of the joint agreement, and it had already carried out a second round of crude oil releases from its national reserves in May. The announcement of the G7 agreement, of which Japan is a member, came after U.S. President Donald Trump pressured the European Union to tap its emergency diesel reserves. The G7 also pledged to avoid using energy export restriction measures. However, it remains unclear how much of this new release will come from the remaining portion of the 400 million barrel framework that the 32 member nations of the International Energy Agency, or IEA, had previously agreed in March to release, in order to mitigate the impact of energy supply disruptions caused by the war between the U.S. and Israel on one side and Iran on the other. Fatih Birol, Executive Director of the IEA, revealed last week that member nations had already released about two-thirds of the 400 million barrel agreement.

Japan has confirmed that it has no plans to release additional crude oil from its national reserves at this time, even though the Group of Seven leading industrial nations, of which Japan is a member, just reached an agreement on Friday to release a total of 100 million barrels of crude and diesel from emergency reserves, along with a pledge to avoid energy export restrictions. Japanese Chief Cabinet Secretary Minoru Kihara said Japan has already been gradually releasing reserve oil into the market and has no plans for further action at this stage. The G7 move follows pressure from U.S. President Donald Trump on the European Union to release diesel from emergency reserves amid concerns over soaring diesel prices worldwide, particularly in Europe and the United States. However, it remains unclear how much of the G7's new 100 million barrel release will come from the remaining volumes under the existing agreement among members of the International Energy Agency, or IEA. In March, 32 IEA member countries agreed to release a total of 400 million barrels of reserves, and IEA Executive Director Fatih Birol said last week that about two-thirds of that volume had already been released. Japan announced in March that it would release about 80 million barrels from its reserves under this cooperation, before carrying out a second round in May.

OPEC+ decided at its October 4 meeting to hold its November oil production target steady, in line with market expectations. Seven core members — Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman — jointly agreed to keep the target unchanged. OPEC+ also postponed its review of production capacity for all members, which had originally been due for completion in September 2026, with the results now expected in mid-November; that data will feed into the setting of oil production quotas for 2027. Although OPEC+ has repeatedly raised its production targets through 2026, it has in practice been unable to actually increase output because of conflict in the Middle East. The seven core members produced a combined 25 million barrels per day in August, up 630,000 barrels per day from July, but still below pre-war levels, when output reached 5 million barrels per day, and export volumes in recent months have run at roughly 60 to 80 percent of normal levels. Crude prices also fell on Friday, October 2, after European leaders endorsed President Donald Trump's call to release emergency diesel reserves into the market. Brent crude remains above 100 dollars a barrel, up from 73 dollars before the Iran war erupted in late February. OPEC+ currently still applies production cuts of about 2 million barrels per day across most member countries, and its next meeting is set for November 1.

Saudi Aramco, the Saudi state oil company, announced an official selling price, or OSP, cut for its Arab Light crude for November delivery to Asian customers of $3 per barrel, bringing it to $5 per barrel below the average of Oman and Dubai crude prices. That is the largest cut since June 2020 and runs counter to analysts' expectations of a $3 per barrel increase. The company also cut prices for Arab Medium and Arab Heavy crude for Asia by as much as $5 per barrel, while raising prices for all grades for customers in northwest Europe by another $3 per barrel after resuming exports from the Red Sea port of Yanbu. Prices for US customers were left unchanged. On production policy, the OPEC+ group, made up of seven members, namely Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, decided to keep oil production for November 2026 at existing levels after concluding a video conference meeting on Sunday, October 4. The next meeting will be held on November 1 to review market conditions and decide the next step in production policy.

South Korea reported that the share of crude oil imported from Saudi Arabia fell below 30% of total crude imports in the first eight months of this year. Data from Korea National Oil Corporation and the Korea Petroleum Association showed that Saudi crude accounted for 29.9% of total imports in the January-to-August period, down from 30.91% in January to July. Although Saudi Arabia remains South Korea's largest source of crude oil imports, this marks the first time in five years that the share has dropped below 30%. The last such occurrence was in 2021, a period when global crude supply was disrupted amid Middle East tensions and the COVID-19 pandemic. Industry experts warn that if the downward trend continues, Saudi Arabia's share of South Korea's crude imports could fall to third place or lower this year, and may even drop below the record low set in 1986. Meanwhile, South Korean refineries have increased crude imports from other regions, especially the United States, which accounted for 20.12% of total crude imports in the January-to-August period, after that share exceeded 20% for the first time on a cumulative basis in the January-to-April period.

Oil prices fell in Asian trading on Monday as rising Middle East crude exports and a planned G7 release of emergency stocks eased immediate supply concerns. Brent crude futures expiring in December fell 0.7% to $101.58 per barrel, while West Texas Intermediate futures for November slipped 1.1% to $90.14 per barrel. The G7 agreed on Friday to release 100 million barrels of crude and fuel products from emergency reserves, with a substantial portion of diesel to be released within 20 days. Middle Eastern crude exports rose above pre-war levels on four days during the final week of September, reaching between 19.5 million and 22.5 million barrels per day on Sept. 24 and between Sept. 27 and 29, while the seven-day moving average stood at 18.5 million bpd on Oct. 1, above the pre-war average of 18 million bpd. Saudi Aramco unexpectedly cut its November Arab Light official selling price to Asia by $3 a barrel to a discount of $5 to the Oman-Dubai average, the widest discount since June 2020, and OPEC+ agreed to keep November production targets unchanged, with its next meeting set for Nov. 1.

West Texas Intermediate crude for November delivery closed Friday, October 2, down 1.76 dollars, or 1.9%, at 91.11 dollars a barrel, while Brent crude for December delivery slipped 6 cents, or 0.06%, to close at 102.25 dollars a barrel. For the week overall, WTI fell 1.6%, while Brent edged up 0.11%. The main pressure came from European leaders' willingness to comply with the demands of US President Donald Trump, who wants diesel reserves released to cool prices and reduce reliance on fuel imports from the United States. Sources told Reuters that EU member states had discussed and agreed to a French proposal to release additional diesel reserves, with the plan calling for European countries to release a total of 50 million barrels of diesel and proposing that members of the International Energy Agency release another 50 million barrels of crude reserves. Two sources said Europe would begin gradually releasing some of the diesel within a 20-day window. The French presidential office said President Emmanuel Macron chaired a conference call with G7 leaders on Friday, but it remains unclear whether G7 members agree with the volume of fuel that France proposed releasing. Analysts assess that the main pressure in the energy market is no longer a shortage of crude oil, as supply from the Middle East has begun to recover, but rather that the problem is concentrated on the refined products side, which is constrained by refining capacity and reduced output across the Middle East and Russia.

West Texas Intermediate, or WTI, crude futures on the New York market closed lower on Friday, October 2, after European leaders agreed to US President Donald Trump's demand to release diesel reserves in order to lower prices and reduce fuel imports from the United States. The November WTI crude contract fell 1.76 dollars, or 1.9%, to close at 91.11 dollars per barrel, while the December Brent crude contract fell 6.00 cents, or 0.06%, to close at 102.25 dollars per barrel. For the week, Brent crude rose 0.11%, while WTI crude fell 1.6%. Sources told Reuters that European Union member states agreed to a French proposal to release additional diesel reserves, after discussing a plan for European countries to release 50 million barrels of diesel reserves and for members of the International Energy Agency, or IEA, to release 50 million barrels of crude reserves. Two sources said that under the proposal, Europe would release some of its diesel over a 20-day period. Trump posted on Truth Social that Europe had just agreed to release vast amounts of diesel reserves it had been stockpiling, after he had earlier said he was considering banning US diesel exports. The French presidential office said President Emmanuel Macron chaired a video conference with G7 leaders on Friday, October 2, but it was not immediately clear whether G7 member states agreed to France's proposal on the volume of fuel to be released. Analysts said the matter reflects that the main pressure in the energy market is no longer a shortage of crude oil, as supply from the Middle East has begun to recover, but rather the supply of refined oil products, which is constrained by refining capacity and reduced output across the Middle East and Russia.

The number of active oil rigs in the United States rose by 1 to 456 in the latest reporting period, according to Baker Hughes data published on Friday, while the total rig count for oil and gas fell to 598, up 49 from the same time last year. Gas rigs fell by 2 to 133, which is 15 more than a year ago, and miscellaneous rigs stayed flat at 9. The Permian Basin count was unchanged at 270, 19 rigs above year-ago levels, while the Eagle Ford lost a rig for the second straight week, landing at 49, 4 more than this time last year. Weekly U.S. crude oil production averaged 13.955 million bpd in the week ending September 25, up from 13.939 million bpd the prior week and up 450,000 bpd from a year ago, according to EIA data. Primary Vision's Frac Spread Count rose for a third consecutive week, up 8 crews from the prior week to 195. Oil prices were down ahead of the data release as Europe announced it would release additional crude oil and diesel from emergency reserves, with Brent trading at $101.10, down 1.14%, and WTI at $90.50, down 2.55%.

The Group of Seven leading industrial nations, the G7, agreed today (Oct. 2) not to impose measures halting oil exports to allied countries and to release diesel and crude oil from their reserves into the market in order to control surging fuel prices. A G7 statement said this reserve release would total up to 100 million barrels over a period of four months, with a large volume of diesel to be released within the first 20 days. European Commission President Ursula von der Leyen welcomed the decision and said the European Union supports the reserve release because it will help strengthen energy security. Meanwhile, U.S. President Donald Trump posted on Truth Social that Europe had agreed to release diesel from its reserves and that the process would begin immediately. Reuters reported, citing sources, that EU member states discussed today a French proposal calling on European countries to release 50 million barrels of diesel and for members of the International Energy Agency, the IEA, to release another 50 million barrels of crude, as part of the G7's overall target of releasing up to 100 million barrels of reserves. Earlier, IEA member countries approved the release of 400 million barrels of crude from reserves in March, the largest reserve release in history, and IEA Executive Director Fatih Birol said member countries have already released about two-thirds of the total volume agreed.

Dow futures jumped more than 200 points, buoyed by a sharp drop in oil prices that eased investors' inflation worries. As of 7:17 p.m. Thailand time, Dow futures were up 222 points, or 0.43%, at 51,463. Brent crude fell below $100 a barrel and West Texas Intermediate crude slid below $90 a barrel after reports that Europe and members of the International Energy Agency, or IEA, are preparing to release oil into the market under pressure from the United States. November-delivery West Texas Intermediate crude fell $3.49, or 3.76%, to $89.38 a barrel, while December-delivery Brent crude dropped $2.45, or 2.39%, to $99.86 a barrel. Reuters reported, citing sources, that European Union member states met today, October 2, to discuss a French proposal to release diesel from emergency stockpiles in response to U.S. pressure for European nations to help slow the surge in fuel prices. The proposal calls for European countries to release 50 million barrels of diesel and for members of the International Energy Agency, or IEA, to release another 50 million barrels of crude. The United States is asking major European nations, including France and Germany, to release 100 million barrels of diesel within a 20-day window, and U.S. President Donald Trump is weighing the possibility of banning U.S. diesel exports ahead of the November 3 midterm elections. The IEA, which has 32 member countries, agreed in March to jointly release 400 million barrels of strategic reserves, the largest such release in history, and IEA Executive Director Fatih Birol said member countries have already released about two-thirds of the agreed total. Meanwhile, the U.S. Labor Department will release September nonfarm payrolls today, with analysts expecting job growth of 89,000 in September, down from 162,000 in August, and the unemployment rate expected to hold steady at 4.1% in September.

Global crude oil prices plunged sharply, with Brent crude falling below $100 a barrel and West Texas Intermediate, or WTI, dropping below $90 a barrel, after reports that Europe and member countries of the International Energy Agency, or IEA, are preparing to release oil into the market under pressure from the United States. As of 6:54 p.m. Thailand time, WTI crude for November delivery fell $3.49, or 3.76%, to $89.38 a barrel, while Brent crude for December delivery fell $2.45, or 2.39%, to $99.86 a barrel. Reuters reported, citing sources, that European Union member countries met today to discuss a French proposal to release diesel from emergency reserves, in response to US pressure for European nations to help slow the surge in fuel prices. The proposal calls for European countries to release 50 million barrels of diesel and for IEA member countries to release another 50 million barrels of crude. The United States, meanwhile, is asking major European nations, including France and Germany, to release 100 million barrels of diesel within a 20-day window. In a conference call today, EU member countries discussed setting a condition that if an agreement is reached on releasing diesel from European reserves, the United States must commit not to impose a unilateral ban on diesel exports. The IEA, which has 32 member countries, agreed in March to jointly release 400 million barrels of strategic reserves to counter the effects of the Iran war, the largest reserve release in history, and IEA Executive Director Fatih Birol said member countries have already released about two-thirds of the total agreed volume.

European Union member states met today (Oct. 2) to discuss a French proposal to release diesel from emergency reserves in response to US pressure for European nations to help slow the surge in fuel prices. The proposal calls for European countries to release 50 million barrels of diesel and for members of the International Energy Agency, or IEA, to release another 50 million barrels of crude oil, for a total of 100 million barrels. Sources said the United States has asked major European nations, including France and Germany, to release 100 million barrels of diesel within a 20-day timeframe, while President Donald Trump is considering the possibility of ordering a ban on US diesel exports to help lower domestic fuel prices ahead of the US midterm elections on November 3. In a conference call today, EU member states also discussed setting a condition that if an agreement is reached on releasing diesel from European reserves, the United States must commit not to impose a unilateral diesel export ban. Leaders of G7 member states may hold a conference call today to discuss next steps, with France currently holding the G7 presidency. The IEA, which has 32 member countries, agreed in March to jointly release 400 million barrels of strategic reserves to counter the effects of the Iran war, the largest reserve release in history, and IEA Executive Director Fatih Birol said member countries have already released about two-thirds of the total agreed volume.

The U.S. Energy Information Administration, or EIA, reported that U.S. crude oil inventories rose by 922,000 barrels last week, defying analysts' expectations of a 700,000-barrel decline. Meanwhile, crude stocks in Cushing, Oklahoma, the delivery point for U.S. crude futures contracts, increased by 553,000 barrels. Gasoline inventories fell by 1.6 million barrels last week, more than the 500,000-barrel decline analysts had expected, while distillate inventories, which include heating oil and diesel, dropped by 2.2 million barrels, exceeding analysts' forecast of a 200,000-barrel decline.

West Texas and Brent crude prices declined, with West Texas at 89.38 dollars per barrel, down 3.22 dollars, and Brent at 102.59 dollars per barrel, down 2.69 dollars, as the market watches negotiations between the United States and Iran. Meanwhile, President Donald Trump confirmed that he did not offer any conditions to Iran in exchange for ending the war, and denied reports that the United States was ready to ease sanctions and release frozen Iranian funds. On the supply side, Middle East supply recovered after Saudi Arabia resumed seaborne oil exports from the Yanbu port on the Red Sea, following the return to normal operation of the East-West Pipeline. Data from Kpler indicated that crude oil exports from Middle East producers in September 2026 recovered to 16.328 million barrels per day, the highest level since the conflict between the United States and Israel with Iran began in late February 2026. Meanwhile, the American Petroleum Institute, or API, reported that US crude oil inventories in the week ending September 29, 2026 rose by 1.02 million barrels, contrary to analysts' expectations of a 1.9 million barrel decline.

Global crude oil prices fell more than 1%, with West Texas Intermediate for November delivery down 1.63 dollars, or 1.76%, to 90.97 dollars a barrel, and Brent crude for November delivery down 1.40 dollars, or 1.33%, to 103.88 dollars a barrel as of 19:18 Thailand time. Investors are watching progress in negotiations between the United States and Iran over reopening the Strait of Hormuz. Mahmoud Mashal, a senior market analyst at VT Markets, said progress in the talks will be a key focus for the market, as regional mediators are pushing for ceasefire negotiations, and concrete and significant progress could push crude oil prices lower. Iran's Ministry of Foreign Affairs disclosed that Foreign Minister Abbas Araghchi expects Iran to receive a final official response from the United States today, September 29, regarding Iran's proposal to reopen the Strait of Hormuz. Araghchi said Iran's conditions and proposals for ending the fighting and reopening the Strait of Hormuz have been conveyed to the United States through Qatar, which is acting as an intermediary. Although US President Donald Trump initially rejected the plan, Iran is awaiting an official response from the US government through the intermediary. Earlier, Araghchi said Iran would reopen the Strait of Hormuz and resume nuclear negotiations with the United States within seven days if the Trump administration agrees to Iran's conditions. Esmaeil Baghaei, a spokesman for Iran's Ministry of Foreign Affairs, said those conditions include ending what Iran calls US acts of aggression, lifting the maritime blockade and economic war against Iran, and unfreezing Iranian assets.

PTT Public Company Limited reported the weekly oil market situation for September 28 to October 2, 2026, saying the market is watching negotiations between the United States and Iran amid volatility in oil supply from the Middle East. The weekly average price of Dubai crude stood at 113.06 US dollars per barrel, down 11.84 dollars, while Brent crude was at 102.72 dollars, down 3.07 dollars, and West Texas crude was at 93.10 dollars, down 9.27 dollars. Gasoline octane 95 was at 146.34 dollars, down 2.80 dollars, and diesel was at 176.75 dollars, down 16.54 dollars. US President Donald Trump rejected Iran's proposal to open the Strait of Hormuz within 7 days in exchange for a ceasefire and a return to negotiations on the nuclear program, even though Axios reported that a return to talks is likely. Meanwhile, Kpler reported that crude oil export volumes through the Strait of Hormuz during September 20-25, 2026 fell by 15.5 million barrels from the previous week to 33.7 million barrels, or 4.8 million barrels per day, using 19 tankers, of which 17 were VLCC-class vessels. Saudi Arabia has begun to resume pumping crude through the East-West pipeline at about 4 million barrels per day and is expected to return to full operation at 7 million barrels per day within another 6-8 weeks. In addition, US President Donald Trump met with Chinese President Xi Jinping during September 23-25, 2026 in Washington, where the United States and China agreed to reduce tariffs worth 30 billion US dollars, though details have not yet been specified.