By Irina Slav -Oct 22, 2026, 12:30 AM CDT
Petroleum costs extended their earlier gains today, with Brent unrefined keeping above $111 per barrel after the current reports from the Middle East, including more Houthi attacks on Saudi targets.
An order by the U.S. federal government for non-emergency workers in the kingdom to leave added to the understanding of an unsteady security scenario in a crucial oil area.
At the time of composing, Brent crude was trading at $111.10 per barrel, with West Texas Intermediate at $98.98 per barrel, both up by more around 2% from Wednesday, after the Yemeni Houthis struck an oil field in Saudi Arabia and another global airport.
Iranian media reported surges in the southern part of the nation, without defining the nature or origin of these. Individually, in an op-ed for the Financial Times, Iran’s foreign minister Abbas Araqchi stated Iran was prepared to safeguard itself and recommended the possibilities of a peace offer are slim. “To specify the apparent, we have no trust whatsoever in the genuineness of the United States administration’s proclaimed desire for peace with Iran, Araqchi composed, keeping in mind 2 celebrations where the U.S. assaulted Iran while working out on the nuclear offer.
In a different declaration, the nation’s president, Masoud Pezeshkian, informed media that peace talks might not continue while the United States had a blockade on Iran and provided dangers versus the nation. With this, the possibility of peace in the Middle East stays remote, with all due ramifications for oil and gas trade.
ING’s product experts, on the other hand, kept in mind a Kuwaiti upgrade on oil production, with the everyday overall topping 2 million barrels. While this is a favorable advancement, the upgrade, from the president of Kuwait Petroleum Corp, likewise pointed out fuel production, which stays rather bothersome, with circulations still substantially lower than they were before the war.
By Irina Slav for Oilprice.com
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Irina Slav
What I Cover Irina Slav has actually been discussing worldwide energy markets because 2007, covering the oil and gas market, energy security, products, and the …
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