Depleted inventories leave oil markets exposed to further supply disruptions Paolo AgnolucciNikita MakarenkoKaltrina Temaj November 05, 2026 This page in: English

https://blogs.worldbank.org/en/opendata/depleted-inventories-leave-oil-markets-exposed-to-further-supply Front-month Brent crude futures climbed above $115 per barrel (bbl) in late October, then eased to nearly $95/bbl in the first week of November as renewed near-term active conflict in the Middle East appeared less likely. After the Islamic Republic of Iran and the United States failed to reach a follow-on agreement to their June memorandum of understanding, Brent fluctuated between $75/bbl and $100/bbl and then stayed above $100/bbl in September and October. Oil product markets also tightened sharply. The European diesel premium over Brent averaged about $91/bbl in September, a record high, and U.S. retail diesel prices averaged nearly $6.20 per gallon in October.