On Friday, October 16, U.S. crude oil futures climbed, with the benchmark Brent crude contract reaching $110 per barrel for the first time since May. The market is concerned that an escalation in the Middle East could further tighten global supplies, while investors are also assessing the potential volume of diesel that Russia might supply to the global market.
Driven by fears of supply disruptions—fueled by expectations of an escalating geopolitical conflict in the Middle East—and compounded by uncertainty surrounding Russian diesel exports, the benchmark Brent crude contract hit $110 per barrel for the first time since May. In the spot market, traders are maintaining firm price stances, with spot prices tracking the upward movement of futures. On the futures side, strong bullish momentum suggests a firm trend in the near term.
The market is currently evaluating the scale of diesel that Russia can supply to the global market, a factor that introduces supply-side uncertainty. Meanwhile, rising crude oil prices have strengthened cost-side support, providing upward momentum for diesel spot prices. Consequently, the market remains on a firm trajectory, bolstered by both cost factors and supply expectations.
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