Oil markets stayed in the spotlight on Monday as Aramco’s chief warned that global stockpiles are dangerously thin, while Iran sent a new diplomatic signal that could ease war-related risk in energy markets.
Oil stockpiles “scarily thin,” Aramco chief warns
Aramco CEO Amin Nasser told industry insiders in London on Monday that global oil stockpiles are “scarily thin” and could take up to two years to refill, according to Investors.com. He said the global supply has lost nearly 3 billion barrels since April, adding: “Until Hormuz fully reopens and confidence returns, pressure at both ends of the barrel will intensify.” The warning adds to freight and diesel cost pressure while Gulf shipping routes stay disrupted.
Iran rules out military solution, signals push for diplomacy
Iranian Foreign Minister Abbas Araghchi said Tehran is serious about a diplomatic path and ruled out a “military solution” to end the war with the United States, the Express Tribune and Reuters reported late Sunday. In a separate announcement, Iran’s army said it would upgrade the range of its missiles after the war. The diplomatic signal points to possible de-escalation, which could ease the oil risk premium in markets.
Market snapshot
Bitcoin traded around $85,900 to $86,100, still testing $87,000 resistance, with a third straight week of US spot ETF inflows — about $241 million last week, according to SoSoValue. Ethereum held near $2,708 and the crypto market cap sat around $2.9 trillion, with the Fear & Greed index at 70. Oil: Brent hovered around $101.6 to $102.4 and WTI around $90 to $91, pressured by rising Middle East exports and the G7’s 100-million-barrel reserve release. The Fed’s September meeting minutes are due on October 7, and TOKEN2049 Singapore runs October 7-8. No new tariff moves on the China-UK/USA trade front.