- Brent settled near $100 a barrel, down 3.4% for a fourth consecutive session, after satellite data showed Saudi Arabia's observed oil loadings from inside the Persian Gulf jumped over the weekend to the highest ship count at its main Gulf port since June.
- Saudi Arabia is redirecting exports back toward the Gulf following the shutdown of its East-West pipeline due to drone attacks, easing the supply constraint that had driven crude higher.
- Wall Street climbed Monday as investors positioned for a US-China trade de-escalation while watching US-Iran negotiations.
- The Czech government will reinstate gasoline and diesel price caps from October 1 and tax refiners on 50% of any margin increase over 2025 levels, as Saudi Arabia's cut of October crude allocations to Europe compounds pressure from the closed Strait of Hormuz.
Quotes
“Saudi Arabia's observed oil loadings from inside the Persian Gulf jumped over the weekend”
“markets appeared to be pricing in geopolitical deals, including”
“The Czech government will reinstate price caps on gasoline and diesel from October 1 and tax refiners on 50% of any margin increase over 2025 levels”