The price spike outweighs a recent move by the Trump administration to ease sanctions on Russian energy exports, though Brent has still risen roughly 80% over the past year. Market participants indicate that if prices remain elevated, the resulting pressure on transportation and manufacturing could worsen U.S. inflation ahead of midterm elections in 14 days.
Tuesday, October 20, 2026
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WTI Oil Tops $110 and Brent Hits 5 Month High of $113
Commodities12 hours ago
Crude oil prices jumped on Monday after geopolitical volatility returned to the Middle East. Brent crude surged 2.1% to more than $113 a barrel and the U.S. West Texas Intermediate (WTI) benchmark rose to top $110, with both benchmarks reaching their highest levels in five months. The rally follows Houthi claims of strikes on Saudi Aramco facilities at the Shaybah oilfield and Yanbu, along with reports of a tanker hitting a mine near the Strait of Hormuz.
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