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Brent Surges Past $102 per Barrel Amid Hormuz Transit Risks and Chinese Export Curbs

Brent crude climbed past $102 per barrel on October 2, 2026, driven by Strait of Hormuz transit concerns and fuel export suspensions by Chinese refiners. Middle East crude exports recovered to 17.5 million barrels per day, while refined product shipments remained constrained at 58% of pre-disruption levels.

Published Source: ICIS

Crude benchmark Brent traded above $102 per barrel during Asian trading hours on October 2, 2026, supported by transit risks in the Persian Gulf and export cuts from China, according to ICIS.

On October 1, Brent crude futures rose $4.28 per barrel, or 4.37%, settling at $102.31, while US WTI climbed $2.45, or 2.71%, to reach $92.87 per barrel.

Chinese refiners halted refined oil product shipments beyond Hong Kong and Macau for the month of October, tightening international refined fuel availability.

Market volatility coincided with heightened security concerns in the Strait of Hormuz, an energy passage accounting for approximately 20% of global petroleum consumption. Although regional Middle East crude exports recovered to 17.5 million barrels per day, refined product shipments remained restricted to 58% of levels recorded prior to disruptions.

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