Oil prices steady as traders weigh US-Iran tensions, Middle East supplies

Oil prices were little changed on Friday, October 2, 2026, as investors weighed the risk of renewed tensions between the United States and Iran against signs that crude oil supplies from the Middle East were beginning to recover.

Brent dipped 3 cents, or 0.03%, to $102.28 a barrel at 0350 GMT, after trading slightly higher in early Friday trade. However, the ​contract was poised for a weekly decline of about 2%, despite closing more than $4 higher ​on Thursday.

West Texas Intermediate also eased 19 cents, or 0.2%, to $92.68 a barrel. It was ⁠headed for a weekly increase of about 0.3%.

“The market is taking stock of a distinctly mixed set ​of signals this week,” said KCM Trade chief analyst Tim Waterer, who noted that after a disruptive ​Thursday, traders were “simply taking a breather”.

“A healthier-looking Saudi export picture is being offset by reports of another US aircraft carrier heading toward the Gulf and by China’s decision to curb refined product exports,” Waterer added.

NNPC’s oil security claims surge to N11.2trn

Prices settled higher in the previous session ​after Reuters reported that Chinese refiners suspended oil product exports for October as Beijing looked to preserve ​domestic stocks.

Meanwhile, the Wall Street Journal reported that the US was sending a third aircraft carrier and up to 10,000 ‌more troops ⁠to the Middle East as President Donald Trump weighed resuming strikes on Iran after the US midterm elections.

“The more immediate concern is the availability and movement of Middle Eastern crude and refined products to the rest of the world,” the head of market insights at Phillip Nova, Priyanka Sachdeva, said.

Sachdeva noted that the $100/barrel-level has now ​become a psychological and ​market-positioning threshold, adding that the market is “increasingly pricing a world where supply chains remain vulnerable for longer”.