The storm forced the shutdown of roughly 72% of US Gulf offshore production, tightening already strained global crude and fuel supply.

Trump's remarks eased immediate fears of a supply disruption but did little to answer whether the Iran-driven price spike will persist through the US election.

Signs of returning Hormuz volumes and talk of further emergency barrels pulled crude lower even as analysts warned of a supply crunch.

The Saudi producer flagged diesel as the acute pinch point as inventories sit near multi-decade lows.

Weekly EIA data showed commercial inventories draining even as headline crude stocks rose in some weeks, pointing to heavy export and refinery demand.

The SPR held about 283 million barrels at end-September, and analysts warn further emergency releases would drain the world's remaining buffer.

The agency urged more diesel releases as the global market tightened while leaving the details of a 100 million barrel draw unresolved.

The arrangement would ease US fuel tightness but runs against sanctions policy, and officials say it may cover only attacks on oil refineries.

The Iran war rerouted crude trade and tied up vessels on longer voyages, sending supertanker rates above $1 million per day in September.

The deals would mark a further reopening of Venezuelan oil and gas to foreign majors.

The acquisition would expand Magnolia's Eagle Ford position amid a sharp run-up in crude prices.

The remarks add political pressure on oil majors as pump prices stay elevated ahead of the midterms.

Energy equities and leveraged oil ETFs surged premarket as crude pushed past $90 and Brent broke above $94.

The bank warned that depletion speed is a concern and that inventories could fall by 900 million barrels even if the ceasefire holds.

The IEA's planned 100 million barrel release is part of a 400 million barrel program that could exhaust the buffer against future shocks.

Governments are moving to expand strategic stockpiles, with Japan's PM saying it may hold US oil domestically.

Pump prices remain above $4.30 nationally even as crude flows through Hormuz resume, with California highest at $6.24 a gallon.

The conflict has exposed supply chain risks that are pushing investment toward renewables, even as oil stocks benefit from the shock.