Brent opened Q3 at $72/b, broke $100 on July 23, and pushed back above it Sept 9 as strikes on Middle East and Russian energy infrastructure escalated. Refinery margins rose alongside crude — this is

What happened: Crude oil and petroleum product prices rose through 3Q26 amid persistent Middle East conflict, with Brent futures climbing from $72/b on July 1 and passing $100/b on July 23 and again on September 9. Key numbers: Brent front-month began at $72/b on July 1; passed $100/b on July 23; traded $79/b Why it matters: Disrupted refining in Russia, China, and the Middle East tightened global supply of distillate and jet fuel, and high U.S. exports kept domestic distillate supplies tight. Slower SPR releases and higher Chinese imports added demand back as supply disruption continued.

Crude oil and petroleum product prices rose through 3Q26 amid persistent Middle East conflict, with Brent futures climbing from $72/b on July 1 and passing $100/b on July 23 and again on September 9.

Disrupted refining in Russia, China, and the Middle East tightened global supply of distillate and jet fuel, and high U.S. exports kept domestic distillate supplies tight. Slower SPR releases and higher Chinese imports added demand back as supply disruption continued.