Crude oil prices declined modestly in the week to 26 October 2026 but remained sharply elevated, with Brent crude trading at $114.42 per barrel, down from above $116, and WTI holding at $100.97 per barrel. Both benchmarks remain well above their end-2025 levels near $60 per barrel. The price elevation was attributed to ongoing hostilities between Yemen's Houthi forces and Saudi Arabia, alongside Iranian tanker attacks in the Persian Gulf.
Brent crude fell from above $116 to $114.42 per barrel during the week, while WTI declined to $100.97 per barrel, representing a drop of over 2% in the session reported. Despite the intra-week dip, both benchmarks held well above the $100 threshold.
Brent crude and WTI, the two primary global oil pricing benchmarks, are directly affected by Persian Gulf shipping disruptions and Houthi attacks on Saudi infrastructure, as these threaten physical export flows from the region's major producers. USO, the US oil fund tracking near-month crude futures, reflects the same underlying price moves.
Oilprice reported that market concerns extend beyond immediate physical supply constraints, with sustained prices above $100 per barrel generating demand destruction fears alongside the geopolitical risk premium. Middle East oil exports had partially recovered to pre-February strike levels by late October, yet prices remained elevated, indicating persistent market anxiety over supply security in the Persian Gulf and Red Sea corridors.
Sources: Oilprice, Cnbc TOP