EL7.AI
CommoditiesMedium•23 October 2026•
3 min read

Brent jumps 4% to close at $113.17 amid Hormuz shipping risks

Key Facts

1Brent closed at $113.17 a barrel on October 22, 2026, according to EL7.AI platform data.
2Brent jumped 4% during the session and touched a 5-month high, according to the Associated Press.
3Observed global oil inventories at the end of September were 509 million barrels below pre-war levels.
4The Energy Information Administration forecast Brent spot prices would average $105 in the fourth quarter of 2026, up $14 from the previous month's forecast.
5Malaysia's annual inflation slowed to 1.8% in September 2026, from 1.9% in the previous month.

Brent crude closed at $113.17 a barrel on Thursday, October 22, 2026, according to EL7.AI platform data, as risks persisted for oil shipments through the Strait of Hormuz. Crude jumped 4% during the session, according to the Associated Press, which reported the same price in its market coverage. The agency said Brent touched a five-month high during trading before ending the session at that closing level. The gains came after crude traded below $97 a barrel at the start of October, according to the comparison cited by the agency. The move coincided with an Iranian account of oil tankers catching fire or sustaining damage in the strait, while the U.S. Energy Information Administration attributed higher shipping costs to risks facing vessels transiting the region.

The Associated Press on Thursday quoted Tehran as saying that 7 oil tankers caught fire or were damaged in the Strait of Hormuz overnight on October 21–22, in an account attributed to the Iranian side. According to the agency, the tally included tankers that caught fire and others that sustained damage that night. The agency reported that tankers transiting the strait at night follow a route near the coast of Oman protected by the United States. It added that vessels using this route transit with their positioning systems and mobile phones switched off. Describing the impact of maritime risks on transport costs, the U.S. Energy Information Administration said in its October report: "Increased risks associated with oil tankers transiting the region have raised shipping costs."

On supply, the International Energy Agency said in its October Oil Market Report that observed global oil inventories at the end of September were 509 million barrels below pre-war levels. This inventory decline provides a backdrop to October's price moves, alongside risks surrounding tanker transits and crude transport costs. In Malaysia, Department of Statistics figures showed annual headline inflation slowed to 1.8% in September 2026, from 1.9% in August. The department said in its statement that inflation stood at "1.8% in September 2026, compared with 1.9% in the previous month." Meanwhile, prices in the transport group rose 2.5% year on year in September, according to the department, with prices in this group continuing to rise despite the slowdown in the overall rate.

For the remaining months of 2026, the U.S. Energy Information Administration forecast in its October report that Brent spot prices would average $105 a barrel in the fourth quarter. The administration raised this estimate by $14 a barrel from its forecast published the previous month. It said in the report that "Brent crude spot prices will average $105 a barrel in the fourth quarter of 2026, up $14 a barrel from last month's forecast." For its part, the International Energy Agency forecast in its October report that the oil market deficit would persist through the end of the year. The agency maintained its forecast for the deficit to continue despite falling demand, after observed global inventories fell below pre-war levels by the end of September.