Brent crude holds near a five-month high as Gulf shipping risks persist

20 October 2026

Brent crude was up 55 cents, or 0.50 per cent, at $110.10 a barrel in early trading on 20 October 2026, after touching $110.70 in the previous session, its highest since 20 May. The November West Texas Intermediate contract, expiring that day, was up 0.24 per cent at $103.91, and the more active December contract was up 39 cents at $98.93. The shiptracking firm Kpler reported at least 18 vessels attacked over two weeks, keeping a risk premium in prices. Kpler also recorded Gulf crude flows through the Strait of Hormuz falling to a seven-day average of about 8.5 million barrels per day, from more than 20 million barrels per day the week before, with at least 10 confirmed incidents involving commercial vessels in a week. The International Energy Agency put Russian output in September at 8.43 million barrels per day, up 65,000 barrels per day on the month but about 870,000 barrels per day below a year earlier.