Brent crude nears $114 and WTI tops $100 as tankers keep moving through Strait of Hormuz

Brent crude settled on Thursday at its highest level since 4 May, while Brent futures were at $113.75 a barrel and WTI futures at $100.13 at 10:09 AM IST on Friday, 23 October 2026. Oil tankers continued moving through the Strait of Hormuz under US military protection despite the attacks. Some operators used a night-time shuttle with tracking systems and mobile phones turned off before transferring cargo to other tankers in the Gulf of Oman, according to the Associated Press, citing shipping data and Lloyd’s List Intelligence.

Brent settles at its highest level since 4 May as WTI crosses $100

Brent crude futures data showed that the contract settled on Thursday at its highest level since 4 May.

The same data, reported at 0439 GMT, showed Brent futures rising 58 cents, or 0.5%, to $113.75 a barrel at 10:09 AM IST on Friday, 23 October 2026.

US West Texas Intermediate crude futures rose 66 cents, or 0.7%, to $100.13 at 10:09 AM IST on Friday, 23 October 2026, according to the futures data.

28 attacks in October leave Gulf oil shipments moving at higher cost

Lloyd’s List Intelligence’s October count covered 28 attacks on ships, its highest monthly total since the war began.

The Associated Press, citing shipping data and Lloyd’s List Intelligence, reported that operators used a US-protected lane near Oman at night with location systems and mobile phones switched off.

The tankers later moved their oil to other vessels waiting in the Gulf of Oman for delivery to customers in Asia. Lloyd’s List Intelligence said spot charter rates had reached hundreds of thousands of dollars a day, and that the transfers took several days.

Tehran attributed the overnight incidents involving seven oil tankers to attacks by Iran or contact with naval mines. Shipping data and analysis cited by the Associated Press said mines, attacks on commercial vessels, fires, restrictions and blockades had reduced normal transits through the Strait of Hormuz.

Hormuz handles roughly one-fifth of global oil and LNG supplies

Shipping data and analysis cited by the Associated Press said the Strait of Hormuz carries roughly one-fifth of global oil and liquefied natural gas supplies.

Reuters reported that Saudi Aramco’s headquarters in Dhahran, on the Gulf near Bahrain, was evacuated on Thursday as fighting intensified between a Saudi-led coalition and the Yemen-based Houthis.

The head of Libya’s National Oil Corporation told Reuters that a valve on a pipeline linking the Hamada and Tahara oilfields to Zawiya port had been shut, reducing production at both fields.

Reported oil-market data said Ukrainian strikes on Russian refineries had tightened fuel supplies while Russian crude shipments recovered.

Brent and WTI showed separate early-Friday price snapshots

Brent crude futures were down 21 cents, or 0.2%, at $112.96 a barrel at 6 AM IST on Friday, 23 October 2026, based on data reported at 0030 GMT.

WTI futures were down 27 cents, or 0.3%, at $98.12 at 6 AM IST on Friday, 23 October 2026, based on the same time-stamped data.

The reported oil-market data put Brent on course for a third consecutive weekly gain. It put WTI on course to finish lower for the week after gains in the previous two weeks.