Oil stays above $100 amid Middle East supply concerns

October 06, 2026 (MLN): Oil prices moved higher in early Tuesday trading, with investors weighing ongoing developments in the Middle East and the potential for further disruptions to global supplies.

Currently, Brent crude futures is up, 0.15%, at $100.47 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures is down by $0.07, or 0.06%, to $89.37 per barrel by [11:15 am] PST.

Saudi Aramco CEO Amin Nasser warned that rebuilding global oil inventories could take up to two years, with supply pressures potentially intensifying if the U.S.-Iran conflict continues.

Speaking at the Energy Intelligence conference in London, Amin Nasser said pressure across the oil market would remain elevated until the Strait of Hormuz fully reopens and confidence returns to energy markets.

The conflict has significantly disrupted shipping through the Strait of Hormuz, a key global energy route that typically handles around 20% of worldwide oil and liquefied natural gas supplies.

Amir Nasser said nearly 3 billion barrels of oil supply had been lost since the U.S. and Israel launched military strikes on Iran in late February, while around 1 billion barrels had been released from inventories.

He noted that most of the stock withdrawals so far had come from commercial inventories, while around 6 billion barrels remaining in storage were “not practically available.”

“The system is already straining,” Nasser said.

His comments came after G7 governments agreed on Friday to release 100 million barrels of diesel and crude from emergency reserves amid growing concerns over energy supplies.

Naeem Aslam, chief investment officer at Zaye Capital Markets, said oil prices remain influenced by a combination of elevated geopolitical risks and expectations that supply conditions could become less restrictive.

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