Iranian TV says 7 tankers attacked or struck mines in Hormuz
Key Facts
Iranian television reported that 7 oil tankers were attacked or struck naval mines in the Strait of Hormuz on the night of October 21–22, 2026, according to the Associated Press, in a development affecting oil shipping amid pressure to resume military strikes on Iran. In Saudi Arabia, the U.S. State Department ordered non-essential staff to leave the U.S. embassy in Riyadh and its consulates, the agency reported. On the military front, Investing.com cited the Financial Times as reporting that Israeli Prime Minister Benjamin Netanyahu was pressing to resume large-scale strikes against Iran. Those efforts face opposition from U.S. President Donald Trump, according to the same report. Trump said he would not order a resumption of military strikes before the midterm elections scheduled for November 3, according to the Associated Press. Reuters had reported that White House officials would consider escalating military action after the vote. But it described the prospect of a return to full-scale conflict as "far from a foregone conclusion," with discussions of escalation tied to the timing of the U.S. elections.
In the United States, the Energy Information Administration's report released on October 21 showed commercial crude oil inventories fell by 3.1 million barrels in the week ended October 16, 2026. Stocks reached 412.5 million barrels, excluding volumes held in the Strategic Petroleum Reserve, according to the agency's weekly summary. Commercial crude inventories were thus 3% below the five-year average, the benchmark the agency cited for inventory levels at this time of year. Gasoline stocks also declined, totaling 205.3 million barrels at the end of the same week, according to the petroleum products inventory table. Gasoline inventories had stood at 208.3 million barrels in the previous week ended October 9, leaving both crude and gasoline stocks lower over the same weekly period. By contrast, distillate fuel inventories rose by 1.7 million barrels, moving in the opposite direction to crude and gasoline. Distillate stocks reached 104.3 million barrels, compared with 102.6 million in the previous week, according to figures published by the EIA.
In refining, crude inputs to U.S. refineries rose to 16,649 thousand barrels per day in the week ended October 16, from 16,615 thousand barrels per day in the week ended October 9, according to the EIA. The increase in crude processed by refineries coincided with a slight decline in their utilization rate, which stood at 93.4% of available capacity. The previous week's utilization rate was 93.5%, according to the agency's refinery activity table. Providing context for price movements during the month, historical data published on Investing.com showed the December Brent contract rose to $104.28 a barrel on October 8, 2026, a daily gain of 4.07%. The EIA's October outlook put the average Brent spot price in the fourth quarter of 2026 at $105 a barrel, up $14 from its estimate published the previous month.
In a measure concerning heating fuel supplies, the U.S. Department of Energy announced on October 21 that it would allow an exchange of up to 315,000 barrels from the reserve designated for the country's Northeast. The department said in its announcement that it "will exchange up to 315,000 barrels of fuel oil" from that reserve under the announced program. On the upcoming release calendar, the Commitments of Traders report is due on Friday, October 23, the day after the date of this article, according to the U.S. Commodity Futures Trading Commission's 2026 schedule. These reports are released at 3:30 p.m. U.S. Eastern Time, according to the commission's official schedule. For the heating fuel exchange program, the Department of Energy set November 13, 2026, as the scheduled date for completing fuel transfers or deliveries.