WTI Crude Breaks $100 as Hormuz Tensions Escalate; Canadian Oil Lags

Key Facts

1Brent crude rose 3.33% to $109.50 per barrel following confirmation of a ship sinking in the Strait of Hormuz after a projectile strike.

2WTI crude traded above $100 per barrel for the first time in a month, reaching $101.30.

WTI crude traded above $100 per barrel for the first time in a month, reaching $101.30 according to oilprice.com. Brent crude also rose 3.33% to $109.50 per barrel following confirmation that a Singapore-flagged container ship sank in the Strait of Hormuz after a projectile strike. Reports indicated that supply disruption fears intensified after U.S. Central Command (CENTCOM) confirmed the vessel sank following a strike by the Iranian Revolutionary Guard Corps.

Despite the global rally, Canadian crude faced widening price differentials, with Western Canadian Select (WCS) trading at a $26.40 discount to WTI on October 15, 2026. This divergence occurs as Canadian economic data released on October 19, 2026, showed the annual inflation rate slowing to 3.1%, while the annual core inflation rate was recorded at 2.2% on the same date.