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Brent Crude Surpasses $110 Barrels as Middle‑East Tensions Spur Prices

23 Oct 2026 · Source: Algeria Now

Brent Crude Surpasses $110 Barrels as Middle‑East Tensions Spur Prices

Brent crude breached the $110 a barrel mark on Friday, 23 October 2026, hitting a five‑month high of $111.99 earlier in the week. The rally followed a 2% rise on Thursday, driven by fresh supply‑chain concerns after the Houthis launched new attacks on Saudi Arabia on 21 October.

The price surge coincided with West Texas Intermediate (WTI) hovering near $100 a barrel, after the December futures contract rose to $99.23 at 5:58 GMT on Thursday, 22 October. WTI had closed at $101.79 on Tuesday, 20 October, down 1.8% for the contract that expired that week.

US crude inventories fell by 4.9 million barrels in the week ending 16 October, tightening global supplies. Meanwhile, OPEC+ output increased to 39.07 million barrels per day in September, roughly 900,000 barrels per day more than in August, adding further pressure on the market.

Brent closed stable on Wednesday, 21 October, while WTI slipped 0.68% the same day amid the heightened Middle‑East tensions. The combination of lower US stockpiles, OPEC+ production growth and geopolitical risk has kept oil traders on alert.

Analysts expect the upward trend to continue if supply disruptions persist, with the December Brent futures already at $111.39 per barrel as of Thursday morning. The market will watch upcoming inventory reports and any further developments in the Red Sea region for clues on future price movements.

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