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Why Are Oil Prices Still Above $100 as Gulf Crude Exports Recover?

Summary by Modern Diplomacy
Oil markets are confronting a new kind of supply shock. The problem is no longer simply how much crude is available, but whether the global energy system can transport and refine it efficiently. Middle East crude flows through the Strait of Hormuz recently reached their highest level since the start of the Iran war, with […]

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The oil price remains stuck at levels above $100 per barrel as the new week's trading begins.

·Stockholm, Sweden
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In the course of trading operations on the ICE London intercontinental exchange, the price of the December 2026 contract for the export of Brent oil decreased by 0.52% to 101 per barrel.

The price of a barrel of North Sea oil was at $101.6 a barrel when a new trading week opened on Monday. A few hours into Monday's trading, the price of North Sea oil for delivery in December was at $101.6 a barrel. This corresponds to a decrease of 0.6 percent, according to CNBC. (©NTB)

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Moneycontrol broke the news in Mumbai, India on Sunday, October 4, 2026.
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