Currie Slams 'Vibe' Oil Contracts As Trump Admin Halts SPR Drains, IEA Urges Massive Reserve Release

What happened: Oil prices extended gains as traders weighed weak demand, recovering Middle East supplies, and shipping risks near the Strait of Hormuz. The Trump administration did not drain SPR reserves for the first time since the Iran war began. Key numbers: Gulf crude shipments rose 4.4 million barrels a day to 13.9 million barrels a day in September, over 75% of prewar levels. Why it matters: Jeff Currie said Brent has become a "vibe contract" disconnected from physical markets, creating "unpriceable risk" and driving traders away. Brent open interest hit its lowest since March 2025.

Oil prices extended gains as traders weighed weak demand, recovering Middle East supplies, and shipping risks near the Strait of Hormuz. The Trump administration did not drain SPR reserves for the first time since the Iran war began.

Jeff Currie said Brent has become a "vibe contract" disconnected from physical markets, creating "unpriceable risk" and driving traders away. Brent open interest hit its lowest since March 2025.