WorldPosted at: Oct 20 2026 6:32PM


Brent crude reaches $110 per barrel in five-month high amid supply concerns

Washington, Oct 20 (UNI) Oil prices remained near a five-month high on Tuesday as traders assessed the risk of further Iranian attacks in the Strait of Hormuz, despite relatively strong crude oil flows from the Persian Gulf.
Brent crude futures, the international benchmark, traded at around $110 a barrel ahead of the opening of European markets, while US benchmark West Texas Intermediate (WTI) crude stood above $104 a barrel for delivery next month.
ING commodities strategists said elevated prices despite the recovery in crude flows suggested the market was factoring in a substantial risk premium amid continued uncertainty.
"Suggest the market is pricing in a significant risk premium, given the situation's volatility," the strategists said, adding that there was currently little indication that the premium would diminish.
Record tanker freight rates were also adding to delivery costs. The US is considering allowing sanctioned tankers to be sold and return to the legitimate market, potentially expanding shipping capacity and reducing transport expenses. However, ING said the scale of any additional capacity and how quickly it could ease prices remained unclear.
US Energy Secretary Chris Wright told Fox News that crude oil flows from the Gulf had recovered to around 80% of their pre-war levels. Supplies of refined petroleum products, however, continued to face greater constraints.
Meanwhile, Asian spot prices for liquefied natural gas (LNG) climbed to $30.4 per million British thermal units on Monday, their highest level since December 2022, Bloomberg reported, citing traders.
The increase came amid renewed concerns over the security of energy shipments after the UK Maritime Trade Operations centre reported that an LNG tanker had come under fire from a small boat off Yemen on Saturday.
European natural gas prices also remained close to multi-year highs. Dutch TTF futures for delivery next month traded just below €88 per megawatt-hour on Tuesday morning, easing from more than €89 shortly before 6am, according to ICE data.
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