On Tuesday 20 October 2026 the price of Brent crude reached an intraday high of $111.99 a barrel – the highest in five months. By the close it fell to $108.79, as reports emerged of talks between Iran’s president and Pakistan’s army chief about mediation. On Wednesday morning in Asia, Brent cost about $109.6, according to Discovery Alert and Trading Economics.
According to Kpler, there have been at least 18 attacks on ships in two weeks. Iran’s Revolutionary Guard said a supertanker caught fire after hitting a mine south of the Strait of Hormuz. Houthi claims of attacks on Saudi Aramco facilities are unconfirmed. Morgan Stanley reportedly forecasts Brent at about $105 in the fourth quarter of 2026.
Editorial comment
Expensive oil is a direct cause of UK inflation rising to 3.5% in September. For businesses with cars and vans, it means higher costs every week. Bank forecasts are only forecasts – prices can quickly jump up or down depending on events in the Gulf.
What to do
- Fuel company vehicles with a fuel card and compare station prices in apps.
- Add a price-adjustment clause for large fuel cost increases to contracts with customers.
- Consider buying some fuel or transport services at a fixed price, if your supplier offers it.
What do you think?
Do you feel this in your business? Tell us in the comments below the article. We will cover the most interesting views in future editions.
Sources
- Trading Economics: Brent crude oil (21.10.2026)
- Discovery Alert: Oil prices whipsaw as Brent hits $111.99 (21.10.2026)
- CNBC: Brent oil touches $110 as Iran escalates Hormuz attacks (16.10.2026)
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