News Maker 23

Global oil prices surged in post-settlement trading on Wednesday (October 21, 2026), driven by growing concerns over escalating tensions in the Middle East and potential disruptions to global energy supplies. Brent crude futures for December delivery initially settled relatively unchanged at US$108.82 per barrel before climbing to US$110.33 at 3:09 p.m. New York time. Meanwhile, West Texas Intermediate (WTI) crude, which had plunged 4.6% to settle at US$97.15 per barrel, rebounded to US$98.41 in post-settlement trading. The sharp reversal reflected renewed investor concerns over the security of oil supplies from the Middle East.

The rebound followed reports that the US State Department was preparing to order the departure of certain embassy personnel and their family members from several countries across the Gulf region. The potential move heightened market fears of a broader regional conflict. Meanwhile, a drone attack targeting a Saudi Aramco oil field reportedly killed two people, according to the Saudi Press Agency. These developments added to the geopolitical risk premium in energy markets, particularly as concerns over the security of oil production facilities and major shipping routes continued to intensify.

Oil prices have reportedly surged approximately 80% since the beginning of 2026, while refined petroleum products, including diesel, have recorded even steeper increases due to shipping disruptions in the Strait of Hormuz and Ukrainian attacks on Russian oil refineries. These developments have raised concerns about global energy supply availability and rising costs for consumers worldwide. Investors are now closely monitoring security developments in the Middle East, potential further actions by the United States, and the stability of international oil shipments. If tensions continue to escalate, oil prices could extend their gains. Conversely, easing geopolitical risks and a recovery in shipping activity could trigger a price correction.(mrv)

Source : Newsmaker.id