Oil prices are climbing again. On October 20, 2026, Brent crude was trading near $110 a barrel, close to a five-month high. Brent has risen about 80% since the start of the year. So what is pushing prices up?
1. Tension in the Strait of Hormuz
The Strait of Hormuz is a narrow shipping route that carries a large share of the world's oil. On October 19, Iran's First Vice President said Iran has "no choice" but to assert control over the strait to protect its security. Traders fear this could disrupt supply, so they are willing to pay more for oil.
2. Attacks on tankers
Renewed tanker attacks in Hormuz and Houthi strikes on Saudi Arabia have made markets more worried about Middle East supply. A tanker also hit a mine in the strait. Every new incident adds a risk premium to the oil price.
3. The Russia-Ukraine war
The war is adding another layer of uncertainty. Ukraine has been striking Russian oil facilities, and debates over US-Russia fuel deals also move the market.
4. Less shipping through the strait
One report says shipping through Hormuz is down by about 70%. Prices are likely to stay high as long as ships avoid this route.
What does this mean for you?
- Fuel: Higher crude prices usually push up petrol and diesel costs, though pump prices follow with a delay.
- Shipping: Transport costs rise, which can make imported goods more expensive.
- Groceries: Food supply chains depend on fuel and shipping, so prices can creep up too.
What happens next?
It depends on the news from the Gulf. Some analysts expect Brent to stay around $100. Others warn the risks are tilted toward further increases. If shipping through Hormuz recovers, prices could ease. If attacks escalate, they could climb higher.
Quick summary
- Brent crude is near $110, a five-month high.
- Main drivers: Hormuz tensions, tanker attacks, and the Russia-Ukraine war.
- Consumers may see higher fuel and shipping costs.
Prices change quickly, so check live market data for the latest numbers. This article is for information only and is not financial advice.
Sources: Bloomberg, Rigzone, Oilprice.com, FinanceFeeds (October 19-20, 2026).
