Brent and WTI ended slightly higher as traders weighed geopolitical risks against resilient supply.
Oil ended Tuesday, October 6, with modest gains. CNN Brasil reported that December Brent on ICE rose 0.26%, or 26 cents, to $100.58 a barrel. November WTI on the NYMEX gained 0.01%, or one cent, to $89.44.
Prices were influenced by tensions between Yemen’s Houthis and Saudi Arabia and concerns about shipping through the Red Sea and Strait of Hormuz. Reuters reported that traders were also weighing increased Middle Eastern exports and greater available supply.
CNN Brasil reported that the U.S. Energy Department raised its average Brent forecast to $96 a barrel for 2026 and $84 for 2027. Saudi Arabia’s energy minister said flows through the East-West pipeline had reached 5.8 million barrels.