Global oil prices fell slightly by about 1% after Saudi Arabia prepared to increase crude oil exports to ease shortages. However, prices remain stubbornly above $100 per barrel due to ongoing war tensions.
Foreign news agencies reported on 17 Sep 2026 that Brent crude oil closed Thursday's trading down $1.01 (0.95%) at $104.82 per barrel, while West Texas Intermediate (WTI) crude fell 52 cents (0.5%) to close at $101.91 per barrel.
Prices dipped slightly after the market received news that Saudi Arabia offered additional crude oil to Asian refiners via offshore ship-to-ship transfers near Oman and is accelerating repairs of the East-West oil pipeline, damaged by Yemen’s Houthi group, aiming to restore half its capacity within days.
Nevertheless, prices remain firmly above $100 per barrel as the market remains tight. The diesel market is under heavy pressure, with futures contracts for diesel in Europe and the U.S. climbing to new record highs.
Although oil shipments through Oman temporarily eased concerns, reduced shipping through the Strait of Hormuz and tensions in the Red Sea continue to limit further price declines.
Meanwhile, financial institutions such as JPMorgan and the U.S. Energy Information Administration (EIA) estimate that if tensions and the blockade of the Strait of Hormuz persist without military or diplomatic resolution, crude oil prices are likely to remain in the $90 to above $100 per barrel range throughout the remainder of 2026.
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Source:euronext