{
  "id": 15226115,
  "title": "Oil touches $110 for first time since May on Mideast worries",
  "url": "https://urgent.news/2026/10/16/oil-touches-110-for-first-time-since-may-on-mideast-worries",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-16T21:00:00.000Z",
  "source": {
    "name": "Gulf Times Business",
    "slug": "gulf-times-business",
    "url": "https://www.gulf-times.com/article/735992/business/oil-touches-110-for-first-time-since-may-on-mideast-worries"
  },
  "original_language": "en",
  "account": "Oil Brent climbed to $110 a barrel on Friday, marking its highest level since May, due to concerns over escalating tensions in the Middle East potentially tightening supplies, according to the source <source 93ab7fc1-bc6>. Meanwhile, investors analyzed the extent of diesel Russia could supply to global markets. Brent crude futures closed at $109.86 a barrel, while US WTI crude settled at $101.41 a barrel. Over the week, Brent increased by 4.9%, and WTI rose by 10.4%. The Saudi-led coalition reported intercepting and destroying a ballistic missile headed towards the Red Sea city of Yanbu, a port vital for Saudi Arabia's strategy to circumvent the Strait of Hormuz and maintain oil deliveries to international markets. Russia's Ryazan oil refinery halted operations at a primary crude distillation unit following a drone attack on Thursday, sparking worries about the volume of diesel fuel Russia can send to markets. Gas Asian spot liquefied natural gas (LNG) prices surged to their highest in nearly four years, with the average LNG price for December deliveries to northeast Asia reaching $29.30 per million British thermal units, up from $26.50 per mmBtu the previous week. Despite more transits through the Strait of Hormuz and cargo loadings at Qatar's Ras Laffan facility, persistent attacks on tankers and uncertainty over safe passage are maintaining high gas prices. In Europe, the Dutch TTF gas price ended at $28.86 per mmBtu, a 8.5% weekly increase. Even with warmer weather and a recovery in Gulf LNG flows to 30% of pre-conflict levels, Europe will enter winter with storage at a record low of 74%.",
  "summary": "OilBrent touched $110 a barrel for the first time since May on Friday on worries that escalating tensions in the Middle East could further tighten supplies, while investors assessed how much diesel Ru...",
  "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."
}