17:03 - 20.10.2026

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October 20, Fineko/abc.az. Brent crude oil surged to near $111 per barrel, reaching its highest level in five months, driven by Iran's threats regarding the Strait of Hormuz and tight global refined fuel supplies.

Oil prices have gained over 80% this year due to ongoing conflicts in the Middle East and Ukraine. Tensions escalated further after Iranian First Vice President Mohammad Reza Aref stated that Tehran has "no choice" but to exercise control over the vital energy transit hub to ensure its national security.

Despite the geopolitical friction, crude exports from the Persian Gulf have shown resilience. U.S. Energy Secretary Chris Wright noted that oil flows remain at roughly 80% of pre-war levels. However, severe constraints in refined products continue to push fuel prices higher, with European diesel futures climbing up to 2.7%.