Oil Holds Near $102 as Geopolitical Risks Offset Supply Gains
9 sourcesUpdated Oct 2, 2026
Oil prices were little changed Friday, with Brent near $102 a barrel and U.S. crude near $93, as traders balanced signs of improving Middle East supplies against renewed geopolitical risks. Increased Saudi exports offered some relief, while reports of additional U.S. military deployments to the region and the possibility of renewed strikes on Iran kept a risk premium in the market. China’s decision to restrict fuel exports in October added concern about tighter supplies of refined products. Brent was headed for a weekly decline, while West Texas Intermediate was on track for a modest gain.
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It's strange Brent is heading for a loss this week when WTI looks set to gain on the same news.
Saudi export increases sound good on paper but China's export stop could easily wipe out those gains.
The US military moves are keeping tensions high enough that any Iran deal might not calm prices for long.
