Brent crude settles 0.28% lower at $109.55 per barrel
- Brent crude futures settled at $109.55 per barrel, down 0.28% or 31 cents
- Previous close was $109.86, the highest level since May 20
- WTI benchmark exceeded $100 for the first time since September 21
- Diesel prices averaged $6.3173, nearly $2.67 higher than last year
*this image is generated using AI for illustrative purposes only.
Brent crude futures settled at $109.55 per barrel, marking a 0.28% decline or 31 cents from the previous session. This slight dip follows Friday's close of $109.86, which had marked the highest level since May 20.
The market remains volatile as persistent disruptions to global energy supplies driven by conflicts involving the U.S., Iran, and Russia-Ukraine continue to influence pricing.
Price trajectory and benchmarks
The benchmark rebounded after a summer slump. Brent topped $120 in late April following the launch of combat operations in Iran by the U.S. and Israel. Prices subsequently fell below $80 during June and July under a ceasefire that both sides later accused each other of violating.
Since then, the conflict has extended toward the eight-month mark, pushing crude back above $100. West Texas Intermediate (WTI), the North American benchmark, also exceeded $100 on Friday for the first time since September 21.
| Benchmark | Current Price | Previous Close/Context |
|---|---|---|
| Brent Crude | $109.55 | Settled 0.28% lower; prev close $109.86 |
| WTI | >$100 | First time above $100 since Sept 21 |
Consumer impact at the pump
The rally has intensified costs for consumers. Regular gasoline averaged approximately $4.3344 per gallon on Friday, according to the American Automobile Association (AAA). Diesel, critical for freight and trucking, averaged $6.3173, which is nearly $2.67 higher than the same period last year.
Patrick De Haan, head of petroleum analysis at GasBuddy, noted the cumulative financial burden: "Americans have now spent $135 billion more on gasoline and diesel purchases since March 1 than the same period last year."
Geopolitical drivers and policy responses
President Donald Trump has attempted to mitigate costs through agreements with Russia to boost diesel exports to global markets. However, these efforts face significant hurdles. Ukraine ended a two-day pause on strikes against Russian refineries. President Volodymyr Zelenskyy stated Kyiv would only resume a pause if it receives additional U.S.-made Patriot interceptors.
Both countries have reportedly defied Trump’s proposed energy ceasefire, maintaining pressure on supply chains.
How might the resumption of Ukrainian strikes on Russian refineries impact global diesel supply chains and pricing in the coming weeks?
What specific policy mechanisms could the U.S. administration employ to enforce the proposed energy ceasefire if both Russia and Ukraine continue to defy it?
Could sustained crude prices above $100 per barrel force OPEC+ to adjust production quotas to prevent further inflationary pressure on Western economies?
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