October 2026

Fuel markets remain volatile. Geopolitical risks and tighter inventories are supporting prices, while additional supply could provide limited relief. Key Market Drivers Middle East: Supply and shipping risks remain elevated around Saudi Arabia and the Strait of Hormuz. Russian diesel: Additional exports may help, but expected volumes are not yet large enough to resolve tight

Energy markets remain volatile as improving oil flows compete with continued conflict and tight fuel inventories. Middle East crude exports recently recovered above pre-war levels on several days, supported by alternative routes and increased use of Saudi Arabia’s East-West pipeline. This has reduced some immediate concerns about a major crude shortage and has pressured crude