Oil prices pared their initial losses on Tuesday, with the barrel trading just below $94, after three straight sessions of gains. Investors are weighing the risks of supply disruptions in the Middle East, while taking into account the prospect of an increase in Russian fuel exports.
Attacks on Riyadh’s international airport and on oil tankers near the Strait of Hormuz have heightened concerns about the security of Gulf infrastructure and maritime routes.
Separately, the Organization of the Petroleum Exporting Countries (OPEC) raised its forecast for global oil demand growth for 2027, citing the need to replenish stocks reduced by the conflict with Iran. By contrast, the organization lowered its outlook for 2026 for the sixth consecutive time.
OPEC also reported an increase in OPEC+’s production in September, led mainly by Saudi Arabia, whose output rose by more than 2 million barrels per day, reaching 8.372 million barrels per day.
Meanwhile, U.S. President Donald Trump said that Russia would supply the global diesel markets, after Washington temporarily loosened restrictions on Russian fuels.
