Brent Crude Reaches $109.86 a Barrel, the Highest Since May: Houthi Strikes and Ukrainian Hits on Russian Facilities Push Prices Up
Brent on October 16 rose 3.7% to settle at $109.86, and crude is up more than 75% since the start of the year.
Brent crude (December contract) on October 16 rose 3.7% to settle at $109.86 a barrel, Bloomberg reported via Rigzone. It is the first move to around $110 since May and a second straight weekly gain. US WTI rose 3.5% to $101.41, and diesel in New York settled at $4.90 a gallon, with diesel and gasoline at record seasonal highs. Crude is up more than 75% since the start of the year.
The reasons cited are Houthi missile and drone strikes on Saudi Arabia and attacks on energy infrastructure in the war between Russia and Ukraine, along with dimmer prospects for quick supply relief. Russian diesel is excluded from global markets, so refineries elsewhere are running hard. Doubts also surround a US–Moscow deal to release diesel, including a new US bill to block it, after a strike on the Ryazan refinery.
There are also factors easing prices: the US offered up to 17 million barrels from strategic reserves, and flows through the Strait of Hormuz are nearing pre-war levels, with over 100 million barrels of crude moving last week. CIBC Private Wealth analyst Rebecca Babin judged that “after a brief reprieve, the oil market is having to price risk back in,” and Eurasia Group raised its odds of conflict escalation to 65% from 35%.
For Macedonia, Prime Minister Hristijan Mickoski said on October 16 that fuel here is below 1.6 euros a liter, while in some European countries diesel and gasoline are above 3 euros, and that traders expect enough fuel until the end of the year. The International Energy Agency judged on October 14 that diesel will be in short supply into 2027. Fuel prices here are set on the basis of world quotations, so Brent’s moves are also followed in the next prices published by the regulator.
MKNews Hub · Macedonia · October 18, 2026
