Brent rises 3.7% to $109.86 amid supply risks; Tesla falls
Key Facts
Brent crude futures rose 3.7% at settlement on Friday, October 16, 2026, amid risks to oil supplies and export routes, alongside reports that a missile headed for Saudi Arabia's Yanbu had been intercepted. Futures settled at $109.86 a barrel, according to Reuters, after touching $110 during the session, as attention to the security of the Saudi export outlet intensified. Crude gained $3.94 a barrel from the previous settlement, ending trading below its intraday level. It was Brent's highest settlement since May 19, according to the news agency, in a session marked by risks surrounding energy infrastructure. In the U.S. crude market, West Texas Intermediate closed at $101.41 a barrel on the same day, according to EL7 data.
The Saudi-led coalition said it intercepted a ballistic missile headed for Yanbu, according to Reuters' account of the announcement about the incident. The coalition said the missile had been "intercepted and destroyed," while its destination carried particular significance for Saudi oil exports. Yanbu port is an important outlet for Saudi efforts to keep crude exports flowing along a route that bypasses the Strait of Hormuz, according to the news agency. The port's importance in this context stems from its role in exporting oil via an alternative route to passage through the strait, placing it at the center of supply news. Rapidan said in an assessment cited by Reuters that initial reports indicated Yanbu's infrastructure had escaped damage.
In equities, Tesla shares closed at $354.72 on Friday, October 16, compared with $362.44 in the previous session on October 15, according to EL7 data. The lower close followed a volatile session, with the Associated Press reporting that the company's shares rose in morning trading before turning lower. The news agency linked the reversal to a selloff in companies associated with artificial intelligence, as Tesla unveiled its Roadster. Coverage of the unveiling pointed to regulatory hurdles facing the car's airborne capabilities, with rules governing those capabilities differing from state to state. On its official page for the car, Tesla limits the availability of some capabilities to the "Rocket" trim and states that this trim is not available in all regions.
The Roadster presentation coincided with Tesla's approaching quarterly earnings announcement, after the company published its production and delivery totals for the third quarter of 2026. Tesla said in an investor statement that it produced about 464,391 vehicles during the quarter, representing the total number of vehicles included in the production figures announced for that period. Deliveries reached 486,532 vehicles in the same quarter, according to the statement, exceeding the number produced during that quarterly period. Alongside its automotive operations, the company announced deployments of energy storage products with total capacity of 13.7 gigawatt-hours during the third quarter, as part of its operational update to investors. Tesla's announcement brought together its vehicle production and delivery figures and energy storage activity ahead of financial results, for which the company set a separate release date after the market close.
Apple shares, by contrast, rose in Friday's session, closing at $343.46 compared with a previous close of $342, according to EL7 data for October 16 trading. The stock's advance coincided with the company opening preorders for its iPhone Duo, in line with Apple's officially announced schedule for accepting customer orders. The company set 5 a.m. Pacific time that day as the start of preorders, according to its statement on the phone's availability. The official announcement of the device scheduled the opening of orders for Friday as part of its rollout, before it became available to customers on the subsequently announced date. Apple and Tesla shares thus ended the session moving in opposite directions, as orders opened for Apple's phone and Tesla unveiled its new car.
The next announced milestones begin with Tesla's release of its third-quarter financial results on Wednesday, October 21, 2026, according to the company's investor statement. Tesla scheduled the release for after the market close, following the announcement of its operational figures for vehicles and energy storage products for the same period. The iPhone Duo then becomes available on Friday, October 23, according to Apple's official schedule, which separates the acceptance of preorders from the phone's availability. As for the Roadster, Elon Musk said, according to the Associated Press, that production for consumers "will not begin before 2028," setting a more distant timeline for the car the company presented. That statement places the start of commercial Roadster production after the upcoming quarterly results, while the availability of some of its capabilities remains tied to trim and region under the terms published on Tesla's website.