Saudi Arabia's crude oil production climbed 12.2% month-on-month in September to 8 million barrels per day, according to Al Rajhi Capital Research data, as the Kingdom rerouted exports around disrupted Gulf shipping lanes.
WTI crude oil has pulled back from a five-month high of $103.28 to near $100 a barrel as traders turn cautious ahead of a week of central bank meetings.
Brent crude pulled back to $114.42 a barrel and WTI stayed above $100, even as Houthi strikes on Saudi oil sites and an unprecedented surge in Hormuz tanker attacks kept supply fears alive.
Riyadh and Singapore agreed to store Saudi crude in underground caverns on Jurong Island from the second half of 2027, a long-term response to Hormuz shipping risks that has no near-term impact on oil supply.
Brent crude climbed to $114.00 a barrel and WTI crude rose to $100.40, as Houthi attacks on Saudi infrastructure and a Libyan pipeline shutdown fuelled a sharp weekly rally in oil prices.
President Donald Trump has charged that Iran is artificially pushing crude prices higher ahead of November's congressional midterms, insisting shipping through the Strait of Hormuz now exceeds pre-conflict levels.
Iran's Revolutionary Guard navy said its forces struck or mined seven ships, among them oil tankers, in the Persian Gulf, as Houthi attacks on Saudi Arabia drove Brent crude past $111 a barrel.
Crude flows out of the Persian Gulf have climbed back close to levels seen before regional conflict disrupted trade, yet fresh attacks in Saudi Arabia underline that the recovery remains fragile.
The premium of Oman crude over Dubai, a key gauge of Middle East supply strength, has dropped to $4.22 a barrel, its lowest since late July, as tanker flows through the Strait of Hormuz rebound.
Indian Oil Corporation (IOC) plans to slightly cut the share of Middle East crude it books under annual term contracts for the fiscal year starting next March, down from an initial plan of 47%, a source familiar with the matter said.