OPEC+ kept its oil output policy unchanged for October at a meeting on Sunday. Seven core members, including Saudi Arabia and Russia, participated in this gathering amid the ongoing Iran conflict disrupting exports through the Strait of Hormuz. The group has very limited power over the physical oil market due to this war. Brent crude settled at $96.28 per barrel on Friday, up nearly 8% for the week, while WTI gained almost 10% over the same period. The debate over production levels for 2027 is expected to take place in late 2026.
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