Brief
Oil prices surge to five‑month highs before slipping amid Middle East tensions
Brent crude reached over $111 per barrel before retreating, while US gasoline prices edged lower, according to the New York Post.
By Felo News Desk · Published
On Tuesday morning, Oct. 20, Brent crude rose above $111 a barrel and U.S. West Texas Intermediate (WTI) topped $100, before both benchmarks fell later in the session, the New York Post reported.
By early afternoon, Brent was down about 1% at $108 per barrel and WTI slipped 0.65% to $103. The price swings reflected traders’ focus on the lingering Middle East conflict, including prospects for a diplomatic settlement to the Iran war and continued Houthi attacks on Saudi shipping.
Gasoline prices at a BP station in Hawthorne, N.J., fell a few cents to $4.28 per gallon, according to the American Automobile Association, which said the national average has stayed above $4 since late July and remains roughly a dollar higher than a year ago.
Deutsche Bank analysts told the Wall Street Journal that the odds of a diplomatic resolution to the Iran war were low, while ING analysts said insurance premiums embedded in oil prices have risen because of the uncertainty. The Financial Times noted that 24 oil tankers were targeted in the Strait of Hormuz last week, adding to record‑high freight rates.
Energy Secretary Chris Wright said about 1,600 idle sanctioned vessels would be allowed to carry legal oil, describing the move as shifting ships from a “bad‑guy fleet to the good‑guy fleet,” without lifting sanctions.
Key facts
- Brent crude peaked above $111 per barrel on Oct. 20 before falling to $108. (nypost.com)
- WTI reached over $100 per barrel before easing to $103. (nypost.com)
- US gasoline price at a New Jersey BP station dropped to $4.28 per gallon. (nypost.com)
- Deutsche Bank analysts said diplomatic resolution odds are low; ING cited rising insurance premiums. (nypost.com)
- Energy Secretary Chris Wright announced 1,600 idle sanctioned ships could carry legal oil. (nypost.com)
Sources
- [1] nypost.com — originally reported as “Oil prices hit five-month high before reversing gains as Middle East uncertainty persists”
