Brent crude oil futures reached $110 a barrel on October 16, the first time since May 20, while WTI crude settled at $101.41 per barrel. Markets responded to the shipping disruptions and renewed instability, though US Energy Secretary Chris Wright stated that gasoline and diesel prices peaked several weeks ago. AAA data shows current US pump prices at $4.295 per gallon for regular gas and $6.319 for diesel.
Tuesday, October 20, 2026
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Brent Crude Hits $110 Following Tanker Attacks Near Saudi Arabia
Commodities1 day ago
A rocket propelled grenade and an unknown projectile struck two oil vessels northeast of Al Jubayl on Friday, extending maritime threats deeper into the Persian Gulf. The United Kingdom Maritime Trade Operations reported that one tanker was hit by an unknown projectile 68 nautical miles off the coast, requiring crew evacuation, while a second vessel was struck by an RPG fired from a small boat 78 nautical miles away. The second ship sustained damage to its aft port quarter, though all crews were reported safe. These incidents shift the risk from the Strait of Hormuz directly to Saudi Arabia's export coast, where unverified claims suggest Iranian involvement.
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