Brent crude reached $102.50 per barrel, marking a 2% increase since Wednesday, while West Texas Intermediate followed suit, trading at $89.96. These gains effectively offset previous downward pressure caused by International Energy Agency announcements regarding the release of strategic reserves, a move traders had already factored into current pricing.

Data from a U.S. Navy-led monitoring group recorded twelve separate incidents between September 28 and October 2. While Kpler reports that tanker traffic has plummeted to its lowest level since July, producers face a narrowing set of options. ANZ analyst Daniel Hynes noted that exporters are increasingly willing to accept the risk of vessel damage, as the Persian Gulf remains the only viable path to deliver oil to international markets.