Oil prices ended mixed on Friday as expectations for additional European diesel supplies eased some concerns over tight fuel markets, while recovering Middle Eastern crude flows continued to weigh on prices. Brent settled at $102.25 a barrel, down just $0.06, or 0.06%, while WTI fell $1.76, or 1.9%, to $91.11.

For the week, Brent gained 0.11%, while WTI declined 1.6%. The relatively small weekly move reflects a market still balancing improving crude availability against significant shortages of refined products.

European Union governments agreed to a French proposal to release additional diesel reserves. The plan discussed by European officials calls for as much as 50 million barrels of diesel to be released, with the volumes potentially distributed over a 20-day period. France also proposed that International Energy Agency members release another 50 million barrels of crude.

The potential reserve release follows pressure from the Trump administration for Europe to use its emergency fuel inventories and reduce its reliance on U.S. diesel imports. President Trump had previously considered restricting U.S. diesel exports, a move that could have placed additional pressure on European fuel markets.

The latest developments reinforce the changing nature of the supply problem. With Middle Eastern crude exports recovering, the primary constraint has shifted toward refined products, particularly diesel. Reduced refinery capacity and production in the Middle East and Russia have left fuel inventories under pressure even as more crude becomes available.

Thursday’s rally had been fueled by concerns over China’s decision to suspend October oil-product exports and reports that the United States was sending additional military forces to the Middle East. Those concerns were partially offset Friday by the prospect of additional European diesel supplies.

The broader crude market remains relatively tight despite improving Middle Eastern flows. Inventories continue to decline and prompt crude cargoes are trading at substantial premiums to later deliveries. The bank raised its fourth-quarter Brent forecast by $20 a barrel to $115 and increased its 2026 forecast to $100.

Additional supply could eventually shift the market toward a surplus if Middle Eastern production and exports continue recovering. At the same time, disruptions to Russian energy infrastructure, including reported Ukrainian strikes on oil facilities in the Samara and Volgograd regions, remain another source of uncertainty for global fuel supplies.

• Where: Loews Arlington Hotel
• Attending: Brian Baker (239.297.4519), David Cohen (954-729-4774), and Curtis Chandler (239-405-3365)
• Conference Website

• Where: The Westin Galleria Dallas
• Attending: David Cohen (954-729-4774), and Curtis Chandler (239-405-3365)
• Conference Website

• Where: The Westin Galleria Dallas
• Attending: Brian Baker (239.297.4519)
• Conference Website