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Oil Price This Week (to Oct 23): Brent Up 6.24% as Saudi Attacks Grow
Brent ended the week at $116.72, its highest settlement since April, after attacks on Saudi oil and transport sites drove gains of 4.00% on Thursday and 3.14% on Friday. US crude stocks fell again while natural gas slid on mild weather.
Brent crude rose 6.24% this week, settling at $116.72 a barrel on Friday, October 23, its highest close since April 29, as Houthi attacks on Saudi Arabia fed supply fears. December WTI gained 4.29% to $103.27.
Key takeaways
- December Brent settled at $116.72 on October 23, up $6.86 (+6.24%) from $109.86 a week earlier, the highest close since April 29, Reuters reported.
- December WTI settled at $103.27, up $4.25 (+4.29%) from $99.02, and the Brent-WTI spread widened from $10.84 to $13.45.
- Almost all of the gain came on Thursday and Friday, when Brent rose 4.00% and 3.14% after attacks on Saudi oil and transport sites.
- The EIA said US commercial crude stocks fell 3.1 million barrels to 412.5 million in the week to October 16, about 3% below the five-year average.
- US natural gas moved the other way: the front-month Henry Hub contract fell 10.27% from $3.116 to $2.796 between the October 16 and October 22 closes, on mild weather forecasts.
Week in review
Oil spent Monday to Wednesday in a tight range as diplomacy and supply risk pulled in opposite directions, then jumped late in the week as attacks in Saudi Arabia spread. For the wider picture across regions, see Asian and global markets today. Our October 21 oil brief covers the Tuesday whipsaw in more detail.
| Instrument | Prior week close (Fri) | Week close (Fri) | Weekly change | % change | Week high / low | As of (UTC) | Source |
|---|---|---|---|---|---|---|---|
| Brent crude (ICE, Dec) | 109.86 | 116.72 | +6.86 | +6.24% | 117.42 / 105.95 | 2026-10-23 18:30 | Reuters; Bloomberg; Investing.com |
| WTI crude (NYMEX, Dec) | 99.02 | 103.27 | +4.25 | +4.29% | 103.91 / 95.25 | 2026-10-23 18:30 | Reuters; Bloomberg; Investing.com |
| Brent-WTI spread | 10.84 | 13.45 | +2.61 | +24.08% | n/a | 2026-10-23 18:30 | Bullquill calculation from settlements above |
Friday settlements: Reuters and Bloomberg. Prior-week settlements and weekly highs/lows: Investing.com. The spread (Brent minus WTI) has no published high or low. Reuters put WTI's weekly gain at 2.3% because it compared front-month contracts across the November contract's October 20 expiry; this table compares the December contract on both Fridays.
Day by day
- Monday, Oct 19: Brent eased $0.31 (−0.28%) to $109.55 after falling more than $3 intraday on profit-taking, PFL Petroleum reported. December WTI fell $0.48 (−0.48%) to $98.54.
- Tuesday, Oct 20: Brent hit $111.99, a five-month high, then settled $0.76 lower (−0.69%) at $108.79 after unconfirmed reports of a Qatar-Pakistan effort to revive US-Iran talks, Reuters reported. December WTI fell $0.72 (−0.73%) to $97.82.
- Wednesday, Oct 21: Brent was flat at $108.82 (+0.03, +0.03%) and December WTI slipped $0.67 (−0.68%) to $97.15. The EIA reported a larger-than-expected crude draw, while President Trump denied negotiating with Iran.
- Thursday, Oct 22: Brent jumped $4.35 (+4.00%) to $113.17, its biggest gain in about two weeks, after deadly attacks in Saudi Arabia, Bloomberg reported. December WTI rose $2.32 (+2.39%) to $99.47.
- Friday, Oct 23: Brent rose $3.55 (+3.14%) to $116.72 and December WTI rose $3.80 (+3.82%) to $103.27, according to Reuters.
Inventories and activity
The EIA's weekly report showed US commercial crude stocks down 3.1 million barrels to 412.5 million in the week to October 16, compared with a 0.82-million-barrel draw expected in a Reuters poll. Gasoline stocks fell 3.0 million barrels, distillates rose 1.7 million barrels and remain 9% below the five-year average, and the Strategic Petroleum Reserve stood at 282.7 million barrels. Stocks at the Cushing, Oklahoma, delivery hub rose 987,000 barrels, BOE Report said, citing the EIA. The US oil and gas rig count held at 603 for the week to October 23, unchanged for a second week, Reuters reported.
What drove it
Geopolitics: attacks in Saudi Arabia and the Gulf
This was the main driver. Bloomberg reported that a drone strike on Saudi Aramco's Shaybah field killed two people without affecting operations, and that an attack on King Fahd International Airport in Dammam caused casualties. Yemen's Houthis claimed attacks on the Red Sea port of Yanbu. On Friday, Reuters reported that Aramco ordered the evacuation of its Dhahran headquarters on Thursday. Iran's Revolutionary Guard said it hit four tankers in the northern Gulf, a claim Bloomberg did not independently confirm. "The market is concerned about these continued Iranian attacks on tankers," Andrew Lipow of Lipow Oil Associates told Reuters.
Diplomacy and the US-Iran war
Hopes for talks capped prices early in the week. Iran's foreign minister said indirect talks were continuing through Pakistan and Qatar, while President Trump denied that Washington was negotiating, Outlook India reported (see Trump says US is not negotiating with Iran). Bloomberg noted that crude flows through the Strait of Hormuz have recovered to near prewar levels, so the risk is now focused on Saudi infrastructure and on refined products.
Refined products, freight and positioning
Diesel has risen faster than crude because Gulf product exports remain constrained and Ukrainian strikes have hit Russian refineries, Bloomberg reported, adding that options-dealer hedging amplified Friday's rally. TD Securities' Ryan McKay said freight rates had become an important marginal driver.
Supply responses
Some supply is being added. Reuters reported that Germany's stockholding agency EBV tendered diesel, heating oil and crude from strategic reserves, and that the US Energy Department authorized an emergency exchange of up to 400,000 barrels for Phillips 66's Lake Charles refinery. In Libya, a pipeline valve closure reduced output at the Hamada and Tahara fields.
Natural gas: domestic factors dominate
US gas fell while crude rose. The EIA reported a 77 billion cubic foot storage injection for the week to October 16, bringing inventories to 3,644 Bcf, about 1% above the five-year average, IBTimes reported. Forecasts for above-normal temperatures in the Midwest and East through November 5 weighed on heating demand.
Political & policy watch
- US posture in the Gulf. The US ordered some embassy staff and families to leave Saudi Arabia, Bloomberg reported (see US orders embassy staff to leave Saudi Arabia). UN Ambassador Mike Waltz said the US Navy can maintain its blockade of Iranian ports for the "foreseeable future," Bloomberg reported.
- Strike plans. The New York Times reported, as cited by Bloomberg, that the US and Israel have prepared plans for renewed strikes on Iran after the midterms. Neither government had confirmed the plans in these reports.
- Russian energy. PFL Petroleum reported that an executive order signed by President Trump waives certain sanctions and tariffs on Russian energy exports. Bloomberg said some lawmakers had criticized a related diesel deal with Moscow.
- OPEC+. Seven OPEC+ members kept November required production at September levels on October 4 and meet again on November 1, according to OPEC.
What to watch next
- October 27, 20:30 UTC: API weekly inventory estimate.
- October 28, 14:30 UTC: EIA Weekly Petroleum Status Report. Expiry of the November Henry Hub gas contract.
- October 28, 18:00 UTC: Federal Reserve rate decision, which follows the October 27–28 FOMC meeting.
- October 29, 14:30 UTC: EIA weekly natural gas storage report.
- October 30: Expiry of the December Brent contract on ICE.
- November 1: OPEC+ meeting on December output. November 3: US midterm elections.
For how oil prices feed into inflation and interest rates, see our explainer How oil price shocks hit inflation and rates.
Risk checklist for readers
- Contract months matter. Weekly changes depend on which contract is compared. When a contract expires, front-month comparisons can differ by several percentage points from same-contract comparisons.
- Claims are not confirmations. Many reported attacks this week came from one side's statements. Check whether governments or companies have confirmed them.
- Settlements versus live quotes. Official settlements are set at a fixed time. Quotes taken later on data sites can differ by more than a dollar.
- Weekly inventory data is noisy. API and EIA figures often differ, and single weeks can reverse.
- Options and leverage amplify moves. Hedging flows can speed up price swings around big headlines, especially before weekends.
- Read primary sources. The EIA, OPEC and exchanges publish the data that news reports summarize.
Frequently asked questions
What is the difference between Brent and WTI crude?
Brent is the international benchmark, traded on ICE Futures Europe and based on North Sea crude. WTI (West Texas Intermediate) is the US benchmark, traded on NYMEX and delivered at Cushing, Oklahoma. The gap between them, the Brent-WTI spread, widens when supply risks outside the US rise faster than US supply risks.
What does the weekly EIA inventory report show?
The US Energy Information Administration's Weekly Petroleum Status Report, usually released on Wednesdays at 10:30 a.m. Eastern time, shows changes in US commercial crude, gasoline and distillate stocks, refinery activity and the Strategic Petroleum Reserve. A larger draw than analysts expect is often read as a sign of tighter supply.
Why do oil futures weekly changes differ between news sources?
Some reports compare the front-month contract each week, even when one contract expires and the next takes over. Others compare the same contract month on both dates. Settlement prices and later live quotes can also differ, so check which contract and which time each figure refers to.
Sources
- Reuters via Yahoo Finance: Oil prices jump $3 on Houthi attacks, oil spill, highest settlement since April (Oct. 23, 2026)
- Bloomberg via Rigzone: Brent tops $116 as Middle East risks grow (Oct. 23, 2026)
- Bloomberg via Rigzone: Oil surges 4% after deadly Saudi attacks (Oct. 22, 2026)
- Reuters via Yahoo Finance: Brent falls as Iran's president discusses mediation (Oct. 20, 2026)
- PFL Petroleum: Petroleum markets report, October 19, 2026
- Investing.com: Brent oil futures historical data
- Investing.com: Crude oil WTI futures historical data
- Investing.com: Natural gas futures historical data
- US Energy Information Administration: Weekly Petroleum Status Report
- Oilprice.com: EIA says US crude inventories sink further (Oct. 21, 2026)
- BOE Report: US crude and gasoline stocks fall, distillates rise, EIA says (Oct. 21, 2026)
- IBTimes: Natural gas prices slide to two-month low on mild weather forecasts (Oct. 23, 2026)
- OPEC: Seven OPEC+ countries reaffirm commitment to market stability (Oct. 4, 2026)
- Outlook India: Trump's Iran war claims face Tehran's account
This article is for information only and is not investment advice.
