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Brent crude futures settled at $109.86 a barrel on October 16 after touching $110 for the first time since May, according to Reuters data, while West Texas Intermediate crude closed at $101.41. The 3.7 percent daily gain for Brent and 3.5 percent advance for WTI came as traders weighed risks of further supply disruptions from ongoing conflicts. Brent has climbed 4.9 percent this week and WTI has surged 10.4 percent, Reuters figures show. Energy Aspects, a research and consultancy, attributed the reversal of earlier losses to resurfaced escalation fears amid rumours of attacks on Saudi energy infrastructure.
Middle East supply worries intensified after reports of unusual military movements and potential Iranian pre-emptive actions, a Reuters assessment found. Israeli reports suggested Iran may be preparing a strike following detections by Western intelligence, though these remained unverified. Persistent escalation risks have kept oil prices supported, according to the Energy Aspects note carried by Reuters. Attacks around the Strait of Hormuz have risen in recent days, contributing to higher freight and insurance costs that further bolstered crude values.
Concerns over Russian diesel deliveries to global markets added to the bullish momentum, Reuters reported. Ukraine struck a major Russian refinery on October 15 after abandoning a short-lived ceasefire on energy infrastructure targets. The action has cast doubt on how much diesel Russia can supply, according to analysts cited in the Reuters dispatch. Reduced Russian refining capacity could force other refineries to process more crude to meet demand.
The International Energy Agency agreed on October 15 to release more than 20 million barrels of fuel to the market, a move aimed at easing tightness, Reuters said. Separately, the United States offered up to 17 million barrels of crude from its Strategic Petroleum Reserve for exchange, according to a Department of Energy statement relayed by the wire service. These steps come as physical markets signal ongoing tightness, with refined products such as diesel rallying sharply this year.
West Texas Intermediate’s weekly gain marked its largest since July, data compiled by Reuters indicated. The U.S. benchmark benefited from a sharp drop in domestic crude inventories linked to hurricane-related production halts along the Gulf Coast. Front-month futures for ultra-low sulfur diesel and gasoline also posted gains on October 16, though the broader rally has begun feeding through to consumer fuel prices. Regular gasoline averaged more than $4.33 a gallon in the United States on that Friday, according to AAA tracking.
Crude prices have risen more than 75 percent so far in 2026 amid the overlapping conflicts, Bloomberg calculations show. The last time Brent traded at these levels was in May, before a brief ceasefire briefly eased flows through the Strait of Hormuz. Cargo volumes across the waterway have since recovered toward pre-conflict levels but remain below peaks, Kpler shipping data cited by multiple outlets indicated. Traders have ramped up bullish bets ahead of the weekend as prospects for quick supply relief faded.
