Oil prices advanced on Tuesday, October 20, 2026, with Brent hovering around a five-month high as traders priced in a geopolitical risk premium from Houthi attacks on Saudi infrastructure and reports of vessel attacks in the Gulf.
Brent crude futures climbed 52 cents, or 0.47%, to $110.07 a barrel by 0628 GMT, after rising as high as $110.70 a barrel in the previous session to their highest since May 20.
The US West Texas Intermediate crude (WTI) contract for November delivery, set to expire on Tuesday, was up 0.36% to $104.03. The more-active December contract rose 26 cents, or 0.26%, to $98.80.
ING analysts said in a statement on Tuesday: “Oil prices remain well-supported. This suggests the market is pricing in a significant risk premium, given the situation’s volatility.
“However, if flows continue uninhibited despite the geopolitical environment, the risk premium would likely erode slowly. Clearly, there are no signs of this yet.”
Shiptracker Kpler said in a note on Monday that no fewer than 18 vessels were attacked over two weeks, which keeps the risk premium intact.
The renewed attacks heightened fears about regional stability and underscored continuing risks to energy supply from the region, keeping oil prices above $100 a barrel.
Nigeria’s capital importation hits $23bn as foreign reserves exceed $50bn
In the United States, crude oil stockpiles were expected to have fallen last week along with product inventories, a preliminary Reuters poll showed on Monday.
Friday’s executive order by United States President Donald Trump waived key Russia-related US sanctions and tariffs, including goods duties and penalties for purchases of its energy.
However, Trump said on Saturday he had yet to announce a final decision on the matter, while Secretary of State Marco Rubio said officials wanted more time to evaluate the situation.
The International Energy Agency, last week, disclosed that Russia’s crude oil production increased by 65,000 barrels per day in September to 8.43 million bpd, but remained about 870,000 bpd below that of a year ago.
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