{
  "id": 15140506,
  "title": "Brent touches US$110 for the first time since May on Middle East tensions",
  "url": "https://urgent.news/2026/10/17/brent-touches-us-110-for-the-first-time-since-may-on-middle-east",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-17T06:17:00.000Z",
  "source": {
    "name": "MercoPress",
    "slug": "mercopress",
    "url": "https://en.mercopress.com/2026/10/17/brent-touches-us-110-for-the-first-time-since-may-on-middle-east-tensions"
  },
  "original_language": "en",
  "account": "Brent crude surged to US$110 a barrel for the first time since May, driven by concerns over Middle East tensions and uncertainties surrounding Russian diesel supplies. The price climbed 3.7% to US$109.86, marking its highest level since May 19, while US benchmark WTI also rose 3.5% to US$101.41. Over the past week, Brent gained 4.9% and WTI 10.4%. The upward trend occurred after Saudi-led forces intercepted and destroyed a ballistic missile launched towards Yanbu, a Red Sea port used by the kingdom to bypass the Strait of Hormuz. Despite initial reports suggesting no damage, heightened attacks around Hormuz have intensified over the past ten days, with Iran attributing its response to the US blockade of its ports and recent sanctions. Kpler, a consultancy, noted that intensified Iranian attacks had sharply decreased Gulf crude flows, forecasting a gradual recovery dependent on a political resolution. The ongoing war in Ukraine further exacerbates market pressures. Ukraine's President Volodymyr Zelensky announced the suspension of a ceasefire on energy sites and criticized President Donald Trump's willingness to collaborate with Moscow. This came shortly after a drone attack forced the temporary suspension of a distillation unit at Russia's Ryazan refinery. Dennis Kissler of BOK Financial questioned the extent to which Russia could supply diesel to international markets. To alleviate market tensions, the International Energy Agency pledged to release over 20 million barrels of fuel, and the US Department of Energy offered to exchange up to 17 million barrels from its strategic reserve. The International Monetary Fund suggested that higher energy prices would benefit Latin America's commodity exporters while adversely affecting importers.",
  "summary": "Brent crude reached US$110 a barrel on Friday for the first time since May, driven by fears that escalation in the Middle East could further tighten supplies and by doubts over how much diesel Russia can supply to the market. Brent settled 3.7% higher at US$109.86, its highest since May 19, while US benchmark WTI rose 3.5% to US$101.41.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}