Global Fuel Prices Rise Further
Global oil prices have risen again after falling for several days. On Friday (November 6), the price of Brent crude oil in the international market came close to $100 per barrel. The price of US crude oil, known as West Texas Intermediate (WTI), also increased.
At one point in trading on Friday, Brent crude reached $99.59 per barrel. This was an increase of $1.30, or 1.32 per cent, from the previous price. Meanwhile, WTI rose by 82 cents, or 0.91 per cent, to $91.34 per barrel.
Earlier, on Wednesday (November 4), the prices of both major types of oil fell by more than 8 per cent. Brent crude dropped by 8.7 per cent, or $8.98, to $94.62 per barrel. At the same time, WTI fell by 8.3 per cent, or $7.97, to $88.12 per barrel. Both prices reached their lowest levels since August 31.
News that the Democrats had won control of both houses of the US Congress in the midterm elections also affected the oil market. This could increase lawmakers’ control over President Donald Trump’s administration.
Analysts also believe that hopes of reducing the ongoing conflict involving the United States, Israel and Iran have affected the market.
However, uncertainty remains because of the conflict in the Middle East and disruptions to fuel supplies through the Strait of Hormuz. Reports of attacks on oil tankers in the Gulf region have increased concerns about supplies. As a result, oil prices have started rising again after their earlier fall.
According to the US Energy Information Administration (EIA), the conflict in the Middle East caused global oil refineries to process 4.8 million fewer barrels of crude oil per day in the second quarter of 2026 (April-June). This was a 6 per cent fall.
In the third quarter, daily processing increased by 1.8 million barrels. However, it remained about 5 per cent lower than the same period last year.
Among Asian countries, China’s refineries processed 2.1 million fewer barrels of crude oil per day in the second quarter. The amount fell by another 800,000 barrels per day in the third quarter.
India, South Korea and Japan together processed more than 1 million fewer barrels per day in the second quarter. They recovered 800,000 barrels per day in the following quarter.
Refinery operations also declined in the Middle East. In the second quarter, Kuwait and the United Arab Emirates each processed 700,000 fewer barrels of crude oil per day. The amount fell by 300,000 barrels per day in Saudi Arabia and 200,000 barrels in Iran.
In the third quarter, the four countries together recovered 400,000 barrels per day in crude oil processing.
Meanwhile, attacks on Russian oil facilities have increased during the Russia-Ukraine war. This has also affected the country’s refinery operations.
According to EIA data, Russian refineries processed 600,000 fewer barrels of crude oil per day in the second quarter of 2026. The amount fell by another 800,000 barrels per day in the third quarter.
Lower refinery production in Russia, Asia and the Middle East has also put pressure on global diesel supplies. The EIA report said these supply problems pushed diesel prices to their highest nominal level on record in September.
On the other hand, US refineries increased their daily crude oil processing by 500,000 barrels in both the second and third quarters. The country has also increased exports of refined fuels to help meet supply shortages in other markets.
Sources: The Times of India and Reuters
