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Crude prices hovered around $91.50 a barrel on Friday after US President Trump announced that Russian President Putin had agreed to release diesel supplies onto the global market. The US Treasury Department said the Office of Foreign Assets Control was “immediately issuing a temporary general license” to permit Russian diesel exports, with the proposed volume estimated at about 22.5 million barrels.
At the same time, the US-Iran conflict has disrupted shipping. A substantial portion of the tanker fleet is currently engaged in ship-to-ship transfers outside the Strait of Hormuz, driving global freight rates to record highs and limiting vessel availability on other routes. Eleven tankers were attacked while transiting Hormuz during the week ended October 4. Earlier this week, Trump said he would not order another strike on Iran before the November midterm elections, citing what he called productive talks with Tehran. Over the week, oil prices registered a gain of roughly 0.2%.
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