Symbolic imageOil stays above $105 as Gulf exports recover and US lends fuel reserves
Brent eased from a five-month high as Middle East oil exports returned to prewar levels via alternative routes. Washington is lending heating oil and diesel from its reserves ahead of the midterms.
Brent traded below $108 in one report and above $110 in others on Wednesday, 21 October, after hitting a five-month high of $112 a day earlier. Kpler data put non-Iranian Middle East exports above 24.5 million barrels a day for the week to 18 October, against 24.4 million before the war; the Financial Times cites 24.6 million versus 23.3 million. US Secretary of State Marco Rubio said Hormuz shipments are nearing prewar levels. Only about 19 commodity vessels cross the strait daily, compared with more than 100 before the war, so much oil moves via Fujairah, Oman and the Red Sea.
US lends reserves before midterms
Reuters reports that the US aims to loan about a third of its heating oil reserve. The New York Times says the Trump administration will release 315,000 barrels, which analysts call too small to matter much, and Bloomberg reports a draw on the national diesel reserve as prices rise before the election.
Attacks and freight costs
The International Maritime Organization counts 116 attacks on ships and 24 deaths since the war began. Iran's Revolutionary Guard says mines stopped three tankers, and UKMTO reports a ship hit off Oman. Bloomberg cites Goldman Sachs on a sevenfold jump in oil freight rates and Morgan Stanley on fuel tightness lasting through mid-2027.