Energy markets rebounded as supply constraints continued to squeeze global refining capacity, leaving total worldwide throughput roughly 5% lower than the same period in 2025. Although American refiners raised their inputs by 0.5 million barrels per day across both the second and third quarters, they could not fully compensate for steep deficits elsewhere. Severe throughput contractions across Asia and the Middle East, alongside persistent strikes on Russian facilities, recently drove nominal global diesel prices to record highs.
Key points
Cumulative disruptions to global refining capacity drove international nominal diesel pri…: Cumulative disruptions to global refining capacity drove international nominal diesel prices to unprecedented record highs in September.
Rising domestic refinery processing in the United States proved insufficient to offset ma…: Rising domestic refinery processing in the United States proved insufficient to offset massive throughput reductions across Asian and Middle Eastern facilities.
The rebound in crude benchmarks coincided with Democrats securing control of both chamber…: The rebound in crude benchmarks coincided with Democrats securing control of both chambers of the United States Congress.
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Crude oil prices moved higher again, with Brent approaching the $100-per-barrel mark and US West Texas Intermediate (WTI) also registering gains after the sharp losses recorded earlier in the week. Brent crude was trading at $99.59 per barrel, up $1.30 or 1.32%, while WTI stood at $91.34, gaining $0.82 or 0.91%.
The latest recovery comes after Democrats swept control of both the US House of Representatives and Senate, creating a potential legislative check on President Donald Trump’s administration.
The rebound follows a sharp correction in the previous sessions. On Wednesday, both oil benchmarks suffered losses of more than 8%, their steepest declines in the period covered by the inputs. Brent shed $8.98, or 8.7%, to close at $94.62 per barrel, while WTI dropped $7.97, or 8.3%, to settle at $88.12. Both ended at their lowest closing levels since August 31.
Selling pressure continued on Thursday, pushing Brent below $95 and WTI under $90. Brent futures declined 50 cents, or 0.53%, to $94.12 per barrel, while WTI lost 61 cents, or 0.69%, to $87.51.
Market analysts are recommending that retail consumers use the recent pullback to accumulate the precious metal in a phased manner rather than through lump-sum purchases. Despite macroeconomic pressures like elevated crude prices and impending US rate hikes triggering the sell-off, long-term drivers remain supportive for future growth. Investors are advised to capitalize on improved valuations ahead of projected target gains over the coming year.
Energy markets tumbled after the Democratic Party seized control of the U.S. Congress, prompting investors to anticipate potential de-escalation in the military campaign against Iran. However, persistent naval hostilities have limited further losses as tanker traffic faces severe disruption in vital shipping corridors. Analysts warn that suppressed transit volumes will keep crude values supported amid ongoing geopolitical tensions.
Domestic equities face immediate downward pressure as steep overnight tech losses on Wall Street trigger a broader rout across Asian exchanges. However, market observers anticipate that the retreat will be tempered by cheaper crude energy costs and insulated local supply chains. Profit-booking is set to take center stage following a multi-day winning streak that lifted benchmark indexes to multi-month highs.