Oil Markets Caught Between Iran War Risks and Emergency SPR Releases | EN590 Commodities
EN590 Commodities GroupCrude Oil October 30, 2026
BP Quadruples Profit to Record as War Boosts Refining and Trading Crude oil gave back ground on Thursday as traders weighed emergency supply against tentative efforts to reopen talks with Iran. Neither side has taken control. The U.S. Strategic Petroleum Reserve is delivering barrels, but the reserve is near its lowest level since 1982. Peace efforts have resurfaced, but no agreement has been reached, and the threat to regional shipping and Saudi energy infrastructure remains. On Friday, at 00:05 GMT, December WTI crude oil futures are trading at $102.77, down $0.67 or -0.65% for the week. The contract reached $103.92 last week. Brent settled Thursday at $114.88 a barrel, down $0.44 on the day. The market has spent most of the week pricing the same two-sided trade. Bullish traders see lowe
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