Business · Energy & Commodities · 2 hrs ago
Brent oil stays above $100 as tanker costs surge
Brent crude settled at $108.82 a barrel on Wednesday, while US benchmark WTI fell to $97.15.
Supply fears are focused on the Strait of Hormuz, a key route where Iran’s Revolutionary Guard said mines blocked three tankers, and two caught fire.
Yemen’s Houthi group claimed attacks on Saudi energy sites, including the Yanbu facility and Shaybah oil field.
Global crude shipping costs have risen above $20 a barrel, compared with $3 a year earlier, adding pressure to oil markets.
Goldman Sachs estimated that risks around Hormuz accounted for about $7 of the increase, with ship-to-ship oil transfers outside the Persian Gulf contributing another $4.
High shipping costs are squeezing Asian refineries, and Goldman analysts warned this could reduce output and raise prices for refined fuels worldwide.
Brent crude for December delivery rose 3 cents to close at $108.82 a barrel on Wednesday.
The market was unsettled by concerns about supply disruptions after tanker attacks near the Strait of Hormuz and attacks on Saudi energy facilities.
The Iranian Revolutionary Guard Corps said mines had obstructed three tankers trying to cross the strait along a route Tehran considered unauthorized.
Global average crude transport costs rose above $20 a barrel, compared with $3 a barrel a year earlier, according to Goldman Sachs.
Goldman Sachs warned that high shipping costs were squeezing Asian refinery margins and could raise prices for refined fuels worldwide.
- Who
- Oil markets, tanker operators, the Iranian Revolutionary Guard Corps, Houthi militants and Goldman Sachs are involved.
- What
- Brent crude remained above $100 a barrel as tanker costs surged amid concerns about energy supply disruptions.
- When
- Wednesday, October 21, 2026; the articles were published on October 22.
- Where
- Near the Strait of Hormuz and at Saudi energy facilities, including Yanbu and the Shaybah oil field.
- Why
- Attacks and threats to shipping and energy facilities raised concerns about supply, while higher transport costs added pressure to energy markets.
This story does not have two clearly opposing sides.
Brent crude rose 3 cents to close at $108.82 a barrel, while WTI fell 67 cents to $97.15.
The IRGC said mines had obstructed three tankers attempting to cross the Strait of Hormuz on a route Tehran deemed unauthorized.
Detik reported that average global crude transport costs had risen above $20 a barrel, compared with $3 a barrel a year earlier.
- Brent crude
- $108.82 a barrel at Wednesday’s close
- Brent price change
- Up 3 cents
- WTI crude
- $97.15 a barrel, down 67 cents
- Average crude transport cost
- Above $20 a barrel, compared with $3 a barrel a year earlier
- Hormuz risk premium
- About $7 of the $20-per-barrel increase, according to Goldman Sachs
4 sources
What people are saying
Dua kapal tanker minyak yang melanggar aturan terbakar dan terhenti akibat ledakan ranjau yang dipasang oleh para pelaut dari Angkatan Laut IRGC di titik perlintasan ilegal di bagian selatan Selat Hormuz
Tingginya biaya pengangkutan sangat membebani margin bersih kilang-kilang di Asia sehingga mengancam volume produksi produk olahan mereka, yang pada gilirannya dapat meningkatkan harga produk olahan secara global