World oil price today September 28, 2025: Brent oil price exceeds 70 USD/barrel
World oil prices today September 28, 2025: World oil prices increased at the end of the week after Ukraine attacked Russia's energy infrastructure, disrupting fuel exports.
Oil prices surged on September 28. Brent crude closed at $70.13 a barrel, up 71 cents (1.02%). U.S. West Texas Intermediate (WTI) crude closed at $65.72 a barrel, up 74 cents (1.14%). Both benchmarks were on track for their biggest weekly gains since mid-June.
The main cause was Ukrainian drone attacks on Russian energy facilities, which disrupted export supplies. Russia also announced it would ban some diesel exports until the end of the year and extend an earlier ban on gasoline.
The decline in refining capacity has left some regions of Russia short of fuel, while NATO has warned it will respond if its airspace is violated, raising the risk of new sanctions on Russia's oil and gas industry.
In addition to the war, the market is also watching supplies from Iraq. According to SOMO, oil exports from the autonomous Kurdistan region will resume on Saturday via pipeline to the port of Ceyhan (Türkiye). This is considered an important additional source that can ease the pressure of the shortage.
On the demand side, the US Commerce Department reported that GDP in the second quarter increased by 3.8% compared to the same period last year, higher than the initial estimate of 3.3%. This strengthens the outlook for energy consumption, especially in the context of the Federal Reserve (Fed) just cut interest rates by 25 basis points, the first time since December.
However, better-than-expected economic data could make the Fed more cautious about its plans to cut interest rates in the near future. If supplies from Russia to China and India are changed, these two countries will have to find alternative sources, putting more pressure on the oil market.