Oil prices split as Brent tops $102, Murban hits $110 per barrel on Oct. 5, 2026

Oil prices experienced a mixed pattern during early Tokyo trading on Monday, October 5, 2026. Brent crude and Murban crude both climbed, while WTI and natural gas saw a slight decline. Brent crude reached $102.60 per barrel, an increase of 39 cents or 0.38%. Murban crude rose to $110.80, gaining $1.42, or 1.30%. Conversely, WTI crude, the US benchmark, fell by 2 cents to $91.09, a 0.02% decrease. Natural gas also dropped by 2.4 cents to $3.011 per MMBtu, a 0.79% decline.

These varying trends point to ongoing uncertainty about Middle East supply routes. Brent, a marine benchmark, carries a larger risk premium due to disruptions and security concerns around the Strait of Hormuz. This raises doubts about the cost and reliability of transporting Gulf crude to Asian markets. Market data suggests that the Brent-WTI spread is now over $11 per barrel, with analysts attributing this gap in part to the increased exposure of internationally traded crude to maritime risks.

Additionally, higher tanker rates, increased insurance costs, and longer voyages have backed up oil prices. The VLCC freight rates have skyrocketed to unprecedented levels, exerting pressure on refiners and raising the delivered cost of crude.