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Brent Crude Falls Below $90 a Barrel
Confirmed
In Short: Brent crude oil prices dropped below $90 a barrel for the first time since August, easing fears of supply disruptions.
WTI and Brent spot crude oil prices (dollars per barrel) (22133690673).
Brent crude oil prices fell below $90 a barrel for the first time since August, reflecting a decline in global oil prices. In early Monday trade, West Texas Intermediate crude was at $87.21 a barrel, and Brent was at $94.14, both below $100 for the first time since early October.
The drop in oil prices came after US President Donald Trump downplayed the need for additional military action against Iran, easing fears of sustained supply disruptions from the Middle East. This development contributed to the overall decline in crude oil prices.
The US Energy Information Administration (EIA) reported that gasoline inventories fell by 1.7 million barrels last week to 204.4 million barrels, while distillate inventories declined by 2.3 million barrels to 105.2 million barrels.
The August Personal Consumption Expenditures (PCE) price index came in below market expectations, easing concerns about additional Federal Reserve tightening. The PCE price index increased 3.4% from year-ago levels, below the expected 3.7% rise.
When volatile food and energy costs are factored out, the Federal Reserve’s preferred measure of inflation increased 3.0% from one year ago, also below expectations.
UK retail sales growth slowed to a four-month low in August as the boost from the hot start to summer faded and shoppers pulled back on discretionary spending. Total retail sales rose 0.7 per cent year on year during the four weeks to 29 August, down from 1.3 per cent growth in July and below the 12-month average of 1.6 per cent.
What this adds
The decline in oil prices and the easing of geopolitical tensions have had a significant impact on global markets, with New York stocks opening broadly higher early in the session after the August PCE price index came in below market forecasts.
What's confirmed
- Brent crude oil prices fell below $90 a barrel for the first time since August, reflecting a decline in global oil prices. In early Monday trade, West Texas Intermediate crude was at $87.21 a barrel, and Brent was at $94.14, both below $100 for the first time since early October.
- The drop in oil prices came after US President Donald Trump downplayed the need for additional military action against Iran, easing fears of sustained supply disruptions from the Middle East. This development contributed to the overall decline in crude oil prices.
- The US Energy Information Administration (EIA) reported that gasoline inventories fell by 1.7 million barrels last week to 204.4 million barrels, while distillate inventories declined by 2.3 million barrels to 105.2 million barrels.
- The August Personal Consumption Expenditures (PCE) price index came in below market expectations, easing concerns about additional Federal Reserve tightening. The PCE price index increased 3.4% from year-ago levels, below the expected 3.7% rise.
- When volatile food and energy costs are factored out, the Federal Reserve’s preferred measure of inflation increased 3.0% from one year ago, also below expectations.
- UK retail sales growth slowed to a four-month low in August as the boost from the hot start to summer faded and shoppers pulled back on discretionary spending. Total retail sales rose 0.7 per cent year on year during the four weeks to 29 August, down from 1.3 per cent growth in July and below the 12-month average of 1.6 per cent.
What's still developing
- Today’s biggest developments and headlines include the climate crisis (always at the top of these news highlights because it’s existential and should be a massive story every single day)…plus lots more…see below.
- Read below for a roundup of top stories from and about Germany on Wednesday, August 5, 2026: If you're joining us now, here is what to know about this incident: Interior Minister Alexander Dobrindt told reporters that finding an armed drone at a German airport was a new threat situation.