Brent Tests Highest Level in 1 Month

2026-10-15 17:00 By Andre Joaquim 1 min. read

Brent crude oil inched up to over $106 per barrel on Thursday, testing one-month highs as markets continued to focus on mounting risks to supply in the Middle East.

Repeated strikes on commercial vessels crossing the Strait of Hormuz resulted in the sinking of a Singapore-flagged container ship, extending the record-high rates for tankers in the Persian Gulf.

The events also dimmed prospects that oil exports from GCC countries could pick up, adding further strain to the global supply backdrop.

On top of that, Houthi missile and drone attacks on Saudi Arabian energy infrastructure added to export disruptions, with some tankers reportedly avoiding their usual loading areas.

Consequently, data from the EIA showed that crude oil stockpiles in the US fell by 8.6 million barrels in the week to October 9th, the sharpest decline since February.

In addition, the federal Strategic Petroleum Reserve remained unchanged near its record low.



News Stream
Brent Tests Highest Level in 1 Month
Brent crude oil inched up to over $106 per barrel on Thursday, testing one-month highs as markets continued to focus on mounting risks to supply in the Middle East. Repeated strikes on commercial vessels crossing the Strait of Hormuz resulted in the sinking of a Singapore-flagged container ship, extending the record-high rates for tankers in the Persian Gulf. The events also dimmed prospects that oil exports from GCC countries could pick up, adding further strain to the global supply backdrop. On top of that, Houthi missile and drone attacks on Saudi Arabian energy infrastructure added to export disruptions, with some tankers reportedly avoiding their usual loading areas. Consequently, data from the EIA showed that crude oil stockpiles in the US fell by 8.6 million barrels in the week to October 9th, the sharpest decline since February. In addition, the federal Strategic Petroleum Reserve remained unchanged near its record low.
2026-10-15
Brent Falls Below $105
Brent crude fell below $105 a barrel on Thursday as traders weighed mounting shipping risks in the Strait of Hormuz against concerns over weakening global demand. The sinking of a Singapore-registered vessel in the strategic waterway and continued Iranian threats against US warships heightened fears of a prolonged regional conflict. Meanwhile, Houthi missile and drone attacks on Saudi Arabia raised further concerns about potential disruptions to exports, with some tankers reportedly avoiding their usual loading areas. The IEA warned that diesel market tightness could persist into next year, while forecasting global oil consumption would contract by 2.6 million barrels per day in 2026. It also noted that land-based inventories had fallen close to their lowest levels in at least a decade. The latest industry data showed US crude stocks declined by 11.1 million barrels last week.
2026-10-15
Brent Falls on Profit-Taking
Brent crude fell below $104 per barrel on Thursday, likely reflecting a technical correction and profit-taking following a recent rally in oil prices. Investors also assessed reports that the US is considering relaxing sanctions on so-called shadow fleet vessels that have transported oil and petroleum products from countries such as Russia, Iran and Venezuela, as part of efforts to ease record-high global freight rates. However, supply concerns remained elevated after a container ship sank in the Strait of Hormuz on Wednesday following a strike by unidentified projectiles, while Iran-backed Houthi forces continued missile and drone attacks across Saudi Arabia. Russia also accused Ukraine of attacking two oil refineries on Wednesday, including the 400,000-barrel-per-day Ryazan facility, breaching an “energy ceasefire” announced by US President Donald Trump.
2026-10-15