Brent Crude Oil Prices

Brent crude oil prices averaged USD 102.09 per barrel in September, up 15.9% from August. On 30 September, the commodity traded at USD 103.56 per barrel, up 15.8% from 31 August.

Brent prices increased in September to an average only slightly below the four-year high reached in May following the start of the Iran war. The surge came as drone attacks forced Saudi Arabia to temporarily shut its East-West pipeline to the Red Sea, which had been a vital lifeline for the country’s oil exports following the Hormuz Strait blockade. Adding to this, Chinese imports have recovered from June’s decade-low, and the U.S. slowed releases from its Strategic Petroleum Reserve.