CommoditiesMediumUpdated•Originally published 19 October 2026•Updated 19 October 2026•
1 min read
Brent Crude Retreats From $110 as Trump Lifts Russia Sanctions
Key Facts
1Brent crude futures briefly touched $109.99 per barrel before retreating as recovering Middle Eastern supply offset infrastructure attacks.
2US Energy Secretary Chris Wright stated that gasoline and diesel prices peaked a few weeks ago and are expected to pull back further.
3Gulf oil flows have recovered to approximately 80% of pre-conflict levels according to Secretary Wright.
Brent crude prices retreated from the $110 resistance level following President Donald Trump's decision to lift sanctions and tariffs on Russia. The reversal occurred after futures briefly touched $109.99 per barrel, a five-month high, before reacting to the shift in US trade and foreign policy regarding Moscow.
The policy move coincided with US Department of Energy data showing Gulf oil flows recovering to 80% of pre-conflict levels. Additionally, Energy Secretary Chris Wright told ABC News that fuel prices have peaked and noted ongoing discussions with European allies regarding diesel stockpile releases, following a 1.3% increase in the US Producer Price Index reported on October 15, 2026.