Middle East supply disruptions pushed crude prices higher in September, yet U.S. crude and Brent briefly declined Monday; separately, Saudi Arabia backed talks in Tehran to keep the conflict from escalating.
During the Oct. 26 decline, U.S. crude was quoted at $100.20 a barrel and Brent at $109.93. Each had briefly fallen nearly 70 cents.
Saudi Arabia said establishing a channel for negotiations was important. It described talks in Tehran as an effort to curb escalation and create a path toward an agreement to end the conflict.
The U.S. Energy Information Administration said Brent spot crude averaged $114 a barrel in September, $23 above August. The agency linked that month’s increase to attacks on energy infrastructure and tankers in the Middle East.
Disruptions to Saudi Arabia’s East-West pipeline also constrained exports and raised costs, the agency said. Before those interruptions, the pipeline had carried more than 5 million barrels of oil a day to Yanbu.
