Brent Crude Holds Near $100 as Gulf Export Recovery Meets China Trade Ban

Key Facts

1Brent crude prices held near $100 per barrel as Gulf oil flows recovered.

2China's Ministry of Commerce stopped issuing refined product export licenses, prompting cancellations of October cargoes.

3Oil exports are facing record freight costs and mounting tanker risks in the region.

Brent crude prices held near $100 per barrel as Gulf oil flows recovered to previous levels. Reuters reported that China's Ministry of Commerce has stopped issuing refined product export licenses, a move that prompted the cancellation of several October cargoes.

Oil exports are currently facing record freight costs and mounting tanker risks in the region according to Oilprice.com. This recovery in supply volume coincides with the API Crude Oil Stock Change report from September 29, 2026, which showed an increase of 1.019 million barrels, contrary to market expectations of a drawdown.