Brent and WTI spike as Iran US tensions tighten supply

Business Oct 21, 2026

Oil prices just spiked, with Brent crude rising 1.9% to $110.85 a barrel and US WTI rising 2.2% to $99.95.

The main reasons? Tensions are rising between Iran and the US plus there is a big drop in US oil stockpiles, making supply even tighter.

Gulf tanker attacks raise supply concerns

Attacks on oil tankers near the Gulf have everyone worried about supply disruptions: there have been 18 incidents in two weeks, with Iran allegedly involved.

At the same time, US oil inventories recorded a sharp weekly decline.