One Turn
Brent touches near $110 before easing as Middle East supply recovers
Brent briefly hit $109.99 overnight, a five-month high, after Houthi claims of attacks on Saudi sites and Ukraine's strikes on Russian oil facilities, before retreating on signs of recovering Middle East supply. US Energy Secretary Chris Wright said gasoline prices have peaked; a US deal to import Russian diesel is under debate.
Why it matters
Oil near $110 feeds inflation and squeezes households and importers worldwide.
Background
Prices have climbed since the Iran war disrupted Gulf exports. Attacks on Saudi and Russian infrastructure add further supply risk.
The story so far
- Brent crude touches $110 as Hormuz attacks escalate
- Brent touches near $110 before easing as Middle East supply recovers
- Oil prices ease on hopes of Middle East diplomacy as freight costs soar
- IEA chief sees little chance of oil market normalizing next year
Sources
- CNBC ↗Oct 19, 4:30 PM ET
- OilPrice ↗Oct 19, 11:00 AM ET
- OilPrice ↗Oct 19, 12:00 PM ET
This summary was written automatically from the reporting linked above; follow the sources for the full story. How One Turn works.