Oil
Crude and diesel prices climb amid Middle East shipping disruptions
Crude oil and diesel prices rose this week following vessel attacks in the Persian Gulf and lower throughput through the Strait of Hormuz.
Key points
- WTI crude reached a high of $101.80/bbl while Brent touched $110.00/bbl.
- Strait of Hormuz crude shipments fell to 2.9 million b/d due to ongoing hostilities.
- The International Energy Agency reported that global onshore oil inventories are at their lowest level since 2016.
What happened
Crude prices strengthened over the week as confirmed attacks on vessels in the Persian Gulf reduced maritime traffic and raised shipping costs, according to the Oil & Gas Journal. WTI crude hit a high of $101.80 per barrel on Friday, while Brent reached a weekly peak of $110.00 per barrel. Tanker trackers reported that daily crude throughput through the Strait of Hormuz dropped to 2.9 million barrels per day, down from an average of 13.9 million barrels per day last month.
Simultaneously, the International Energy Agency (IEA) stated that strategic reserve releases from member countries could exceed initial pledges made in March. The agency noted that global onshore oil inventories have fallen to their lowest level since 2016, compounded by ongoing strikes on Russian refineries affecting diesel supplies.
Why it matters
Geopolitical tensions and disrupted maritime routes continue to exert upward pressure on global energy costs. According to US EIA data from 14 October 2026, the Brent spot price stood at $126.55 per barrel and WTI at $101.91 per barrel. Analysts cited by the Oil & Gas Journal estimate that last month's diesel deficit reached up to 1.0 million barrels per day, threatening prolonged shortages that affect both industrial consumers and household heating oil supplies.
What comes next
Market participants are monitoring upcoming inventory reports and weather forecasts as the Northern Hemisphere transitions into colder months. Natural gas markets also experienced volatility, with Henry Hub spot prices recorded at $3.22 per MMBtu on 14 October 2026, according to US EIA data, while upcoming storage injections will dictate winter supply adequacy.
Original reporting
This article draws on the following reports. Read them in full on the publishers’ sites.
Context from CEII
Crude benchmarks move budgets, currencies and inflation in producer and importer countries alike. For economies such as Nigeria, where fuels dominate exports, production and refining decisions move the whole economy.
68.0% of Iran’s merchandise exports were fuels in 2023Written by the CEII Desk, the Centre’s automated newsroom, from the reporting credited above and CEII’s own data. Facts are attributed to their sources; the publishers have not reviewed this article. Spotted an error? Tell our editors.
