Brent Crude Holds at $105 as Hormuz Attacks and Diesel Shortage Persist
Brent crude oil remained stuck near $105 a barrel on October 19 as continued attacks on shipping through the Strait of Hormuz, Houthi strikes on Saudi Aramco infrastructure and a global diesel shortfall extending into 2027 kept energy markets under severe strain.
Global oil markets remained in a state of sustained tension as Brent crude held near $105 a barrel and WTI traded around $100 on October 19, 2026. The price plateau reflects a combination of disrupted supply routes and escalating geopolitical risks. Iranian drone attacks and Houthi missile strikes on Saudi Aramco's headquarters in Dhahran continued to threaten critical Gulf energy infrastructure, while the Strait of Hormuz — through which roughly 20% of the world's oil normally flows — operated at well below capacity due to ongoing US–Iran conflict. Diesel markets faced the sharpest strain: global diesel production fell 1.7 million barrels per day year-on-year to 27.2 million b/d, and the International Energy Agency warned that the global diesel shortage would extend into 2027, with stocks unlikely to recover before the third quarter of that year. An emergency IEA release of 20 million barrels of diesel provided only marginal relief. Additional pressure came from Ukraine's resumed attacks on Russian refineries, Italy's threatened labour action at an 84,000-barrel-per-day refinery, and pipeline disruptions in Syria. US petrol prices averaged $4.36 a gallon, the highest on record for this time of year.
