MIDDLE EAST · OIL MARKETS
Key Facts
- —What Brent crude traded at about US$110.40 a barrel on Wednesday 21 October 2026, up about 1.4%.
- —Where Disputed incidents near the Strait of Hormuz, which carried about 20% of seaborne oil before the war.
- —Claimed Iran’s Revolutionary Guards say a supertanker hit a mine south of the strait; the claim is unconfirmed.
- —Also claimed The Guards say they shot down a US MQ-9 drone; the claim is unconfirmed.
- —Why it matters The US emergency oil reserve held about 283 million barrels, the lowest since October 1982.
Brent crude, the global oil benchmark, traded at about US$110 a barrel on Wednesday 21 October 2026. Traders are reacting to disputed incidents around the Strait of Hormuz, the Gulf waterway that carried about 20% of seaborne oil before the war.
Iran’s Revolutionary Guards said that a supertanker hit a mine south of the strait, a claim we cannot confirm. For US drivers and investors, the stakes are fuel prices and an emergency stockpile near a 44-year low.
What Happened Around Hormuz
Iran’s Revolutionary Guards, the elite force that patrols the Gulf, said a supertanker carrying more than 2 million barrels hit a mine south of Hormuz. Iranian media reported that the ship caught fire.
The Guards also said they shot down a US MQ-9 drone. We have not seen independent confirmation of either claim.
How Oil Prices Reacted
Brent traded at about US$110.40 a barrel on Wednesday 21 October, up about 1.4%, according to market reports. Our own market report of 16 October put Brent at US$109.86, so prices have hovered near this level for days.
Analysts quoted by Chilean outlets warned that renewed attacks could cut supply further and push prices higher. Prices usually move fast on shipping-risk headlines and then settle if supply holds.
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-0.03%
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| GOLD | 4,461 | +1.78% | +33.20% | 4,383 | 4,503 | 4,421 | 139,824 |
| SILVER | 65.59 | +1.26% | +73.05% | 64.77 | 66.98 | 64.81 | 46,406 |
| BRENT | 88.88 | -0.03% | +34.42% | 88.91 | 90.07 | 88.12 | 29,713 |
| WTI | 83.11 | -0.11% | +31.57% | 83.20 | 84.35 | 82.40 | 166,848 |
| COPPER | 6.61 | +0.03% | +46.70% | 6.61 | 6.71 | 6.61 | 39,543 |
| LITHIUM | 75.20 | +1.47% | +62.95% | 74.11 | 75.80 | 75.08 | 89,275 |
| IRON ORE | 161.91 | — | +58.10% | 161.91 | 161.91 | 1 | |
| SOY | 1,184 | +3.20% | +17.05% | 1,148 | 1,199 | 1,168 | 163,179 |
| CORN | 480.50 | +10.02% | +29.34% | 436.75 | 480.75 | 459.50 | 341,248 |
| WHEAT | 655.00 | +3.93% | +29.70% | 630.25 | 657.75 | 631.50 | 128,793 |
| COFFEE | 317.25 | -5.51% | +0.67% | 335.75 | 321.20 | 313.55 | 21,747 |
| SUGAR | 16.43 | -1.79% | -3.01% | 16.73 | 17.11 | 16.22 | 171,992 |
| COCOA | 5,719 | +3.18% | -34.96% | 5,543 | 5,779 | 5,574 | 26,773 |
| ORANGE JUICE | 138.55 | -0.47% | -45.38% | 139.20 | 141.05 | 137.50 | 703 |
| COTTON | 85.03 | +2.33% | +26.78% | 83.09 | 82.90 | 81.96 | 16,546 |
| BEEF | 223.60 | -3.93% | -5.18% | 232.75 | 226.40 | 223.00 | 16,126 |
| CATTLE | 339.10 | -3.16% | -1.82% | 350.17 | 345.50 | 338.60 | 10,164 |
| USD/BRL | 5.16 | +0.01% | -5.13% | 5.16 | 5.18 | 5.14 | — |
Why Hormuz Matters
About 20% of seaborne oil passed through the strait before the war that began in February 2026. Any real threat to tankers there tends to lift crude prices within hours.
Gulf export figures differ between data providers, because some count only shipments through the strait and others count total regional exports. That is why claims about how much oil is flowing should be read with care.
What It Means for You
Higher crude prices tend to reach US pump prices with a delay, although refining costs and taxes also matter. Drivers would feel a sustained move in Brent first in petrol and diesel, and later in airfares and freight.
The US Strategic Petroleum Reserve, the government’s emergency stockpile, held about 283 million barrels at the end of September, the lowest since October 1982. That leaves a thinner cushion if Gulf supplies were interrupted for long.
What Is Not Known
It is not known whether any tanker hit a mine, because only Iranian sources have described the event. The ship’s name, owner and flag and any casualties were not given in the reports we reviewed.
The drone claim also rests on Iranian statements alone. Whether Brent holds near US$110 depends on how the incidents develop, and no one can yet say whether this is a short spike or a lasting disruption.
Frequently Asked Questions
Why is Brent crude near US$110 a barrel?
Traders are reacting to disputed incident reports around the Strait of Hormuz and to fears of supply disruption. Brent traded at about US$110.40 on Wednesday 21 October.
Did a tanker hit a mine near Hormuz?
Iran’s Revolutionary Guards say so, but we have not seen independent confirmation. Only Iranian sources have described the event.
How much oil passes through the Strait of Hormuz?
About 20% of seaborne oil passed through it before the war that began in February 2026. Current flows are disputed and depend on how they are measured.
How low is the US emergency oil reserve?
The Strategic Petroleum Reserve held about 283 million barrels at the end of September, the lowest since October 1982.
Sources: BioBioChile; Diario Financiero; XTB Chile.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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