Brent heads for steepest weekly drop since pandemic as Indian fuel demand rises
Brent is on track for a roughly 17% weekly decline, its steepest since COVID-19 began, while India's October fuel use rose about 10%, Reuters reported.
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what happened
Brent for January delivery closed Friday at $98.32 a barrel, 3 cents higher. WTI finished at $90.83, up 31 cents. Even with those small gains, Brent is set for a weekly decline of about 17%. According to LSEG data going back to 1988, that would be its sharpest percentage drop since the COVID-19 pandemic began and its largest absolute fall.
Traders are watching possible escalation of US military action against Iran. President Trump said he will decide shortly between negotiating a peace deal with Tehran and carrying out more strikes aimed at what is left of the country.
Reuters reported, citing data from the Petroleum Planning and Analysis Cell at India's Oil Ministry, that the country's oil use rose about 10% in October to 20.49 million metric tonnes from 18.71 million in September, the highest since March 2026. Diesel demand jumped 19% month on month, while LPG use fell nearly 1%.
why it matters
Two forces are pulling prices in different directions: fuel demand in a major importing country is growing, while uncertainty over Iran keeps supply risk in the picture. The steep weekly drop suggests the market is repricing that risk quickly.
market impact
Oil: strong Indian demand and Iran risks support Brent, but the sharp weekly slide signals pressure
- Brent mixed — strong Indian demand and Iran escalation fears support prices, while peace-talk prospects weigh on them
tags
instruments
on polymarket
sources
- Petrol, diesel prices on 7 November: Check how much fuel costs in Delhi, Mumbai, Bengaluru, Kolkata — Full list, 7 November 2026 at 04:26 UTC
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