UNITED STATES – Global oil prices fell substantially as revived optimism for diplomatic breakthrough between the United States and Iran enhanced the prospect of reducing Middle Eastern supply disruptions. Brent crude fell 8.7% to USD 94.62 a barrel, while West Texas Intermediate (WTI) fell 8.3% to USD 88.12, marking the lowest levels since late August 2026. The fall occurred after the US midterm elections, with investors expecting increased pressure for negotiations that may help restart petroleum supplies through the Strait of Hormuz. However, no final agreement has been reached, exposing oil markets to additional uncertainty. Lower crude prices could have an impact on refinery operating costs, petroleum transportation charges, and traditional base oil pricing, thereby reducing the competitiveness of re-refined base oils (RRBO).
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(Source: Reuters)