Price action and recent drop
After four straight down days, oil finally took a breather. WTI stayed above $95 per barrel, and Brent traded near $100. That pause came after WTI dropped more than 9% across the previous four sessions, even as crude is still up more than 60% this year.
Supply signals on the water and in North Africa
Weekend satellite reads showed a spike in Saudi crude loadings from ports inside the Persian Gulf. That suggests the kingdom is channeling more barrels via the Strait of Hormuz after a major cross-country pipeline was shut. In Libya, output at the country's largest field has been slashed by more than half after an armed group shut the pipeline feeding the Zawiya export terminal. According to people familiar, the Sharara field is producing roughly 127,000 barrels per day at present.
What's driving the rally this year
Oil's surge this year has been powered by a war in the Middle East that has snarled traffic through Hormuz and by damage to energy infrastructure from the Russia-Ukraine conflict. On refined fuels, Moscow plans to keep its prohibition on most diesel shipments in place past the end of September, even as Kyiv continues targeting Russian refineries.
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Diplomacy watch and your money
Traders are watching New York too. President Donald Trump is scheduled to address the UN General Assembly on Tuesday, and he has signaled he is open to meeting Iranian President Masoud Pezeshkian on the sidelines. US Ambassador to the UN Michael Waltz said on Fox News that Trump was still receptive to talks as efforts to end the US-Iran war continue. For your wallet, steadier shipping lanes and any diplomatic thaw can quickly reset supply expectations and the prices you see for everything from airfare to heating.
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