The U.S. Energy Information Administration continues to revise its price outlook upward, projecting Brent will average $105 per barrel in the fourth quarter. This forecast follows a period of extreme volatility, punctuated by an average September price of $114 and temporary disruptions in Middle Eastern supply routes. Market pressure intensified further on Thursday as Iran warned of potential shipping restrictions through the Strait of Hormuz, while storms curtailed production in the Gulf of Mexico.

Corporate activity reflected this high-price environment. Cenovus Energy moved to acquire Athabasca Oil for C$5.7 billion, while Energy Transfer expanded its Permian footprint through a $2.6 billion deal for Vaquero Midstream. Chevron initiated a significant restructuring of its Bakken midstream interests to reduce unit costs, and Crescent Energy agreed to purchase a substantial Eagle Ford position from Devon Energy for $3.85 billion. Meanwhile, Shell provided an early look at third-quarter performance, reporting a sharp rise in refining margins to $42 per barrel, up from $24 in the previous quarter.