Oil Prices Headed For Weekly Loss As Supply Fears Ease
(RTTNews) - Oil prices tumbled on Friday and headed for a weekly loss on signs of recovering Middle East supplies to prewar levels.
Gulf exports showed signs of stabilization after Saudi Arabia restarted operations on its key East-West Pipeline and resumed tanker loadings from the Red Sea port of Yanbu following an 11-day shutdown caused by a drone attack on September 11,2026.
Brent crude futures fell 3.3 percent to $98.97 a barrel after gaining for two consecutive sessions on fears that global fuel shortages could worsen. WTI crude futures were down 4.1 percent at $89.06 a barrel.
Traders were reacting to reports suggesting that European Union countries are discussing a French proposal to release fuel and crude stockpiles to ease acute market tightness and help avert a potential U.S. diesel export ban.
Data from Baker Hughes on the number of active oil and gas rigs in the U.S., due later in the day, may offer fresh insights into the outlook for U.S. supply.
Investors also assessed the risk of renewed U.S.-Iran tensions after the Wall Street Journal reported, citing U.S. officials that the U.S. is sending a third aircraft-carrier strike group and additional Marine Corps ships to the Middle East.
Citing U.S. officials, the WSJ said the ships, jet fighters, Marines and sailors will arrive in the region by the end of November, with President Donald Trump reportedly telling aides he expects to resume bombing Iran that same month.
The U.S. military has deployed two additional Patriot missile batteries to Saudi Arabia and Qatar to protect critical energy infrastructure against potential Iranian attacks.
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