SINGAPORE: Global oil prices declined by more than $1 per barrel on Thursday, October 15, 2026, as investors weighed concerns over potential supply disruptions in the Middle East against signs of increased oil availability and possible easing of US sanctions.
Brent crude futures fell by $1.39, or 1.31%, to $104.67 per barrel during early trading, while US West Texas Intermediate (WTI) crude declined by $1.02, or 1.07%, to $94.07 per barrel. The losses erased the gains recorded during the previous trading session.
Market participants remain concerned about the security of oil shipments through the Strait of Hormuz following attacks on vessels in the strategic waterway. At the same time, developments surrounding possible US sanctions relief are being closely monitored for their potential impact on global petroleum supplies.
Rising oil production and exports from Russia and the Middle East have also helped limit upward pressure on prices, despite continuing geopolitical uncertainty.
According to the International Energy Agency (IEA), Russia’s crude oil production increased by 65,000 barrels per day in September, reaching 8.43 million barrels per day. However, output remained 870,000 barrels per day below the level recorded a year earlier.
The IEA also reported that crude oil exports from Gulf countries rose by 4.4 million barrels per day in September, recovering to approximately 75% of their pre-war level.
Meanwhile, Saudi oil giant Aramco is planning to increase Gulf oil exports to 60 million barrels, a development that could influence global supply conditions and market prices.
Despite the latest decline, uncertainty surrounding maritime security in the Strait of Hormuz and the broader Middle East situation continues to pose risks to the international oil market. Future price movements are likely to depend on changes in supply, export volumes, geopolitical developments and the implementation of any US sanctions-related measures.
