Crude Oil Brent F Sep '26 (QAU26)
Crude Oil Brent (F) Futures Market News and Commentary
September WTI crude oil (CLU26) on Wednesday closed up +0.07 (+0.08%), and September RBOB gasoline (RBU26) closed up +0.0171 (+0.55%).
Crude oil and gasoline prices closed higher on Wednesday as the International Energy Agency (IEA) said in its monthly report that the global oil supply deficit will worsen, even as oil demand is taking a hit from the war and high prices. The IEA said global oil inventories will fall in Q3 at twice the previously estimated rate because of ongoing disruptions from the US-Iran war.
Oil prices were undercut early in the session on the bearish weekly EIA report where US oil inventories rose sharply.
Oil prices were underpinned on Wednesday as there appeared to be little progress toward a US-Iran agreement to open the Strait of Hormuz. Iran's state-owned Islamic Republic of Iran Broadcasting (IRIB) said Tuesday afternoon that the Strait of Hormuz would remain shut until all its conditions are met.
Nevertheless, Pakistan on Tuesday... Read more
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