16.10.2026 20:31
Sharp price movements occurred in global oil markets during the day. The barrel price of Brent crude, which fell to as low as $105.43 in the morning hours, reached the $110 level in the evening hours with a sudden rise. The barrel price of West Texas Intermediate crude oil also rose to $100.72. The International Energy Agency's decision to accelerate the process of releasing strategic oil reserves to the market and the US's sanction steps were also on the agenda of energy markets.
The December futures price of a barrel of Brent crude, which rose to as high as $106.40 yesterday, ended the day at $105.92. Brent crude was trading at $105.43 as of 09:22 today, down 0.5 percent from the previous close. At the same time, the November futures price of a barrel of West Texas Intermediate (WTI) crude was at $97.46.
IT SUDDENLY BEGAN TO RISE
However, in the evening hours there was a sudden rise. Gaining about 3 percent in value, the price of a barrel of Brent crude reached the $110 level. The price of a barrel of WTI also rose to $100.72.
STRATEGIC OIL RESERVES WILL BE RELEASED TO THE MARKET
After the recent price increases, investors turning to profit-taking and expectations that global supply will expand are creating downward pressure on oil prices.
The decision by member countries of the International Energy Agency (IEA) to accelerate the process of releasing their strategic oil reserves to the market is also among the developments easing supply concerns.
According to the IEA's statement, member countries agreed to accelerate the release to the market as soon as possible of approximately 100 million barrels of strategic oil reserves not yet released, of which more than 20 million barrels are diesel.
It was reported that approximately 330 million barrels of oil have been released to the market so far under the joint action launched in March in response to the crisis in the Strait of Hormuz. The total amount is expected to exceed the initially pledged 400 million barrels.
The IEA also asked member countries with oil production and refining capacity to increase the supply of crude oil and refined petroleum products, especially diesel. Member countries also stated that they are ready to take additional steps to resolve problems in global energy markets.
LUKOIL DECISION PRESSURES OIL PRICES
The United States' extension of the sanctions exemption for Russian oil company Lukoil's fuel stations outside Russia is also among the factors affecting prices downward.
The U.S. Department of the Treasury authorized certain transactions related to the operations of Lukoil's fuel stations outside Russia until April 24, 2027. The U.S. administration also temporarily eased some sanctions on trade in Russian-origin diesel last week.
These steps are assessed as potentially reducing the supply tightness especially in the diesel market and facilitating the access of petroleum products to international markets.
SANCTIONS ON IRAN LIMIT THE DECLINE
The United States' new sanctions targeting financial networks used to transfer Iran's oil revenues are keeping supply concerns alive.
The U.S. Department of the Treasury added 16 individuals and 10 organizations to the list as part of sanctions aimed at limiting Iran's access to the international financial system. Targeting the networks used to transfer revenues from oil sales to the country is also increasing concerns that there may be disruptions in Iran's oil exports.
RISK OF ATTACKS ON RUSSIAN OIL REFINERIES
Ukraine's announcement that it will resume attacks on oil refineries in Russia is also among the developments that increase concerns about global supply and support prices.
Ukrainian President Volodymyr Zelenskyy announced that attacks on Russian oil refineries will resume despite the ceasefire declared by the United States in the energy field.
Russian President Vladimir Putin, meanwhile, stated that no serious damage occurred in Ukraine's latest attacks on refineries. Russian Deputy Prime Minister Alexander Novak had also announced that Ukraine carried out attacks on two oil refineries in the Saratov and Ryazan regions.