Oil
Oil prices steady amid Middle East shipping risks
Crude benchmarks head for weekly gains as security concerns around the Strait of Hormuz keep a risk premium on global markets.
Key points
- Brent crude traded near 105.80 dollars per barrel while WTI stood at 97.71 dollars.
- Iran stated it would reopen the Strait of Hormuz if the United States withdrew from the region.
- The International Energy Agency plans to release 100 million barrels under its supply agreement.
Market movements
According to Invezz reporting, global oil benchmarks maintained their ground on Friday, driven by ongoing uncertainty regarding Middle Eastern supplies. Brent crude traded around 105.8 US dollars per barrel, while West Texas Intermediate changed hands near 97.71 US dollars. Both benchmarks headed toward weekly increases, with WTI gaining 6% and Brent rising by roughly 1% over the period.
For context, US Energy Information Administration figures from 14 October 2026 recorded Brent spot prices at 126.55 US dollars per barrel and WTI spot prices at 101.91 US dollars per barrel.
Supply pressures and policy responses
Washington reportedly weighed relaxing restrictions on specific vessels within the shadow fleet, which carries oil from nations such as Venezuela, Iran and Russia. This potential measure seeks to lower freight expenses and encourage crude flows. Meanwhile, the International Energy Agency prepared to distribute the final 100 million barrels from its coordinated supply pact to offset shortages.
Despite these steps, security risks along critical transit lanes persist. Iran indicated on Friday that the Strait of Hormuz could reopen provided US forces leave the area, following a recent rise in attacks near the waterway that Tehran attributed to port blockades.
Analyst outlook
Energy analysts warn that intensified disruptions could trigger significant price surges. William Blair researcher Neal Dingmann noted that executives harbour concerns over potential super spikes if supply lines face further interference, while investor Paul Tudor Jones suggested to CNBC that crude values retain room for substantial upward movement.
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.
9.5% of world merchandise exports were fuels in 2025Countries in this story
Written 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.
