Oil goes higher as U.S. carrier deployment draws market focus

Oil prices advanced on October 1, 2026, following reports of a third U.S. aircraft carrier strike group heading toward the Middle East. Brent crude finished at $102.31 a barrel, up 4.4%, while West Texas Intermediate settled at $92.87, gaining 2.7%. CNBC cited The Wall Street Journal’s reporting on plans to send Marine Corps vessels and as many as 10,000 additional troops, with arrivals expected by late November.

Fuel trade was another focus. Reuters reported that PetroChina had canceled several October shipments of gasoline and jet fuel to preserve supplies within China. CNBC had not independently confirmed those cancellations. UOB noted that Middle Eastern crude flows were approaching preconflict levels, while refined fuel supplies, particularly gasoline, had not recovered at the same pace.

Saudi Arabia had also resumed tanker loadings at Yanbu after restarting its East-West Pipeline. This route allows Saudi crude to reach the Red Sea without passing through the Strait of Hormuz, making pipeline operations an important consideration for regional export capacity and oil-market pricing.

Source: CNBC
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