Brent Jumps 4% to $113.17 as Supply Fears and Fuel Costs Mount
Key Facts
Brent crude rose 4% in Thursday’s session, October 22, to $113.17 a barrel, its highest close since May 4, putting fuel costs back in focus for cruise companies. Reuters linked crude’s rise to its highest level since May to new Houthi attacks on Saudi Arabia and fears of supply disruptions from a major exporting region. Brent reached $112.68 during the session, its highest level since May 18, before ending the day at a higher price. The gains came amid concern about an escalation of the conflict in the Middle East and the potential for further disruption to oil flows. The Associated Press said crude had risen from less than $97 a barrel at the start of the month, as uncertainty continued over when the global energy sector would return to normal amid the Iran war.
Oil’s movement has operational significance for cruise companies because fuel is one of their largest operating expenses, according to a Reuters report. In its quarterly filing, Carnival recorded fuel expenses of $615 million in the quarter ended August 31, 2026, compared with $451 million in the corresponding period of 2025. The company said higher fuel prices added $149 million to consolidated operating expenses in the nine months ended August 31, 2026, compared with the corresponding period. These figures show the scale of fuel costs in the company’s accounts and document the increase Carnival attributed in part to higher prices. Brent’s rise comes as companies face direct sensitivity to energy costs, though these data alone are not enough to establish the effect of Thursday’s session on their future results.
Available closing data also do not show a sharp daily drop that day, but rather a limited decline between sessions. The stock had closed at $15.05 on October 16, then rose to $15.65 on October 20 before retreating over the following two days. This trajectory puts the report’s snapshot in the broader context of the stock’s movement in the preceding days.
Carnival shares closed at $27.08 on October 22, compared with $27.30 on October 21, according to EL7 data. The stock had ended the October 16 session at $25.90, then climbed to $27.06 on October 20 before edging lower in the following two sessions. Available closing data for Carnival show a daily decline between October 21 and 22, while the close remained above its level on October 16. Separate closing data for Royal Caribbean are not available here to determine the extent of the change.