CRUDE WRAP: WTI (V6) SETTLES USD 2.43 LOWER AT 100.05/BBL; BRENT (X6) SETTLES USD 3.02 LOWER AT 104.61/BBL

Newsquawk StaffOil newsPublished 11 Sept 2026, 19:01 UTC

Newsquawk headlinesUTC

Every headline is on the live feed 20 minutes before this site.

18:53

Turkish Foreign Minister discussed reginal developments and attacks against Saudi Arabia in a call with the Saudi Counterpart, according to Turkish diplomatic sources

18:48

Iran has reportedly launched drones towards ships in the Strait of Hormuz, reports Israel Channel 12

18:41

CRUDE WRAP: WTI (V6) SETTLES USD 2.43 LOWER AT 100.05/BBL; BRENT (X6) SETTLES USD 3.02 LOWER AT 104.61/BBL

18:29

Saudi Energy Ministry says East-West pipeline was temporarily shutdown after several attacks on the pipeline in the Riyadh and Medina regions on Thursday

18:22

JPMorgan revises Fed forecast and now sees hikes in September and December

On the Newsquawk feed at 18:41, 20 minutes before this page.

Use the PlatformFree. No signup, no card.

The crude complex was lower on Friday, paring some of Thursday's notable gains amid some profit-taking and slightly more constructive geopolitical developments. During the European morning, the FT reported that Gulf foreign ministers plan to meet with their Iranian counterpart as part of efforts by Oman and Iran to secure an agreement on shipping through the Strait of Hormuz. Elsewhere, Saudi Crown Prince MBS reportedly called President Trump twice on Thursday, urging him to launch strikes against the Houthis, although Trump declined.

More recently, and adding further pressure to crude benchmarks, Iran's Foreign Ministry said it is "planning to hold a regional meeting with the participation of the Persian Gulf coastal countries." As such, attention will remain firmly on any further US/Iran and regional developments over the weekend following the sharp gains in WTI and Brent this week.

On the supply front, CNN reported, citing sources, that the Saudi Arabian oil pipeline system was struck by projectiles, triggering fires.

Away from the Middle East, the IEA OMR said it expects 2026 world oil demand to fall by 2.5mln BPD (prev. forecast: -1.6mln BPD), citing the impasse in US-Iran talks aimed at resolving the conflict. Meanwhile, the weekly Baker Hughes rig count saw oil rigs rise by 1 to 450, and natural gas rigs increase by 2 to 132, leaving the total rig count up 3 to 591.

Context

Episodes in which crude prices are driven by prospective de-escalation around Gulf shipping have historically followed a familiar sequence: a geopolitical risk premium builds on disruption fears through the week, then bleeds out on any credible diplomatic channel, with the front of the curve and the Brent-WTI spread doing the moving rather than outright fundamentals. Reports of Gulf-Iran talks over the Strait of Hormuz fit that pattern, and the conflicting signal from a strike on Saudi pipeline infrastructure illustrates the standard tension in such episodes, where supply-side damage and diplomatic progress pull in opposite directions and the premium tends to track whichever thread is newer. The distinction worth drawing is between headlines that threaten physical flows and those that merely reprice the probability of disruption: actual infrastructure damage has historically had more durable effects than negotiation chatter, which fades if talks stall. The IEA's downward demand revision adds a slower-moving bearish layer, though agency forecast cuts of this kind have typically mattered more for the back of the curve than for prompt pricing. The rig count is marginal at the margin. Weekend headlines on US-Iran and regional developments are the obvious follow-on, and gaps at the Sunday reopen have been the recurring signature of this kind of setup.

Newsquawk Daily

Get both market opens in your inbox.

FX · last 90 days

Recent headlines that moved markets

FX/8 Oct · 08:30 UTC

Fed’s Waller (voter) says more rate hikes are likely needed to tame inflation, but there is flexibility over the pace and hikes do not need to be consecutive.

DXY, after we published+0.1%

FX/5 Oct · 11:16 UTC

Japan's GPIF didn't discuss allocation at its September meeting, Bloomberg reports.

Market, after we published+0.1%

FX/29 Sept · 18:00 UTC

Fed's Williams (voter) says sees no need for urgency after Sept rate hike.

- DXY, after we published−0.2%

FX/29 Sept · 05:32 UTC

[PRESS CONFERENCE] RBA Governor Bullock says inflationary pressures to last longer than expected; inflation is driven by domestic capacity pressures; Board will raise rates again if needed.

AUD/USD, after we published−0.6%

FX/28 Sept · 07:56 UTC

Japanese FX Official Mimura says they are closely watching to see if markets take the clear message they are giving at face value. Not satisfied with or reassured by recent JPY action.

Following the commentary USD/JPY, after we published−0.5%

FX/24 Sept · 07:30 UTC

Swiss SNB Interest Rate Decision 0.00% vs. Exp. 0% (Prev. 0.00%); Willing to be active in the foreign exchange market as necessary to ensure appropriate monetary conditions (prev. "increased willingness").

Market, after we published+0.6%

Newsquawk Daily

Get both market opens in your inbox.

This note and the other one — the EU open and the US open, every business day, written by the desk. No account needed.

Make Newsquawk a preferred source on GoogleSelect this to see Newsquawk more often in Top Stories when you search Google.

Free.

No signup, no card.

Use the Platform

Related headlines

The feed had this first.

Use the Platform