Crude oil prices recovered sharply on Friday, with Brent moving back towards the $100-per-barrel mark after suffering its steepest decline in the period covered by the report earlier in the week. Brent crude was trading at $99.59 per barrel, up $1.30, or 1.32%, while US West Texas Intermediate (WTI) rose $0.82, or 0.91%, to $91.34.
The rebound followed a sharp correction in the previous sessions. On Wednesday, Brent fell $8.98, or 8.7%, to close at $94.62 per barrel, while WTI declined $7.97, or 8.3%, to settle at $88.12. Both benchmarks ended at their lowest closing levels since August 31, according to the report.
Selling pressure continued on Thursday, when Brent futures fell 50 cents, or 0.53%, to $94.12 per barrel. WTI declined 61 cents, or 0.69%, to $87.51. The latest recovery came after Democrats swept control of both chambers of the US Congress, creating a potential legislative check on President Donald Trump’s administration, the report said.
The price swings are taking place as refiners and oil markets continue to adjust to supply disruptions linked to the conflict in the Middle East. According to the US Energy Information Administration (EIA), the conflict affected refinery operations during the second quarter of 2026, particularly in countries dependent on crude shipments passing through the Strait of Hormuz.
Global refinery inputs fell by 4.8 million barrels per day, or 6%, in April-June compared with the previous quarter, based on data from energy intelligence firm Kpler. Throughput recovered by 1.8 million barrels per day in the third quarter, but remained below earlier levels as refiners adapted to changing trade flows and alternative supply routes.
The disruption was particularly visible across Asia. China’s refinery inputs dropped by 2.1 million barrels per day in the second quarter and fell by another 0.8 million barrels per day in the third quarter. India, South Korea and Japan recorded a combined reduction of more than 1 million barrels per day in the second quarter, followed by a recovery of 0.8 million barrels per day in the next quarter.
Refining activity also slowed in the Middle East as shipping restrictions through the Strait of Hormuz affected exports of refined petroleum products. Kuwait and the United Arab Emirates each recorded a 0.7 million-barrel-per-day decline in inputs in the second quarter. Saudi Arabia recorded a reduction of 0.3 million barrels per day, while Iran’s inputs fell by 0.2 million barrels per day. Together, the four countries recovered 0.4 million barrels per day in the third quarter.
Russia’s refining system 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 barrels per day in the second quarter and by a further 0.8 million barrels per day in the third quarter.
The combined disruptions in Russia, Asia and the Middle East added pressure to global diesel supplies. The EIA said diesel prices reached their highest nominal levels on record in September. The United States recorded a different trend, with refinery inputs rising by 0.5 million barrels per day in both the second and third quarters as it increased refined-product exports to compensate for shortages in other markets.
Despite the third-quarter recovery, global refinery inputs remained about 5% below the level recorded in the corresponding period of 2025. The latest crude-price movement therefore comes against a backdrop of recovering but still disrupted refining activity, with further market direction dependent on supply flows, refinery operations and developments affecting major shipping routes.
