Prices moderated on Tuesday, with Brent dropping to $105.43 and WTI to $92.60 after Saudi Arabia pledged that its oil exports would continue to flow. Market volatility was intensified by a dispute over a proposed Russia-Ukraine energy ceasefire; President Donald Trump claimed on Sunday that an agreement was in effect immediately, but President Volodymyr Zelensky dismissed the report as 'news to me' while Moscow continued to target Ukrainian energy infrastructure.
Wednesday, October 21, 2026
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Brent Hits 2 Week High of $107 as Tankers Flee Persian Gulf
Commodities8 days ago
A surge in oil prices triggered a selloff in the Nasdaq and boosted energy equities on Monday after fresh attacks targeted Saudi airports and shipping lanes. Brent futures hit $107 a barrel and West Texas Intermediate recovered from sub $89 levels seen earlier this month to settle at $93.74 a barrel. The spike followed reported strikes by Houthi militia on Saudi infrastructure, the fire of a third supertanker in the Strait of Hormuz that forced some vessels to divert from the Persian Gulf, and Russian attacks on 6 Ukrainian energy facilities.
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