2026.10.0214:18:12UTC+00Crude Oil Slides to 1-Month Low

Crude oil prices fell about 5% to $88.50 a barrel on Friday, hitting a one-month low after the Group of Seven agreed to consider releasing up to 100 million barrels of emergency oil and diesel reserves to help curb fuel costs. The coordinated drawdown, to be managed by the International Energy Agency, is expected to be spread over four months, according to French President Emmanuel Macron. He noted that the initiative is intended to lower prices following pressure from the Trump administration to address tightening fuel markets. At the same time, Middle Eastern crude exports have nearly returned to pre-war levels, though uncertainty over US–Iran negotiations continues to cloud the outlook. The Strait of Hormuz remains a critical flashpoint: recent reports of tanker attacks highlight ongoing shipping risks, while the United States has reinforced air defences around energy facilities in Saudi Arabia and Qatar.