- Brent crude futures rose 1.22% to $110.13 a barrel and WTI rose 1.11% to $98.92 a barrel on Wednesday, October 21, 2026.
- Iran's Revolutionary Guards said Tuesday that naval mines prevented three tankers from using routes Tehran deemed unauthorized in the Strait of Hormuz, and two tankers were set ablaze.
- Yemen's Houthi militants claimed responsibility on Monday for strikes on Saudi Aramco facilities in Yanbu, the Shaybah oilfield and airports in Riyadh and Abha.
- The global average crude freight rate is above $20 per barrel, versus $3 a year earlier, per a Goldman Sachs report; Goldman estimates Hormuz war-risk premiums account for about $7 of the increase.
- Goldman Sachs warned elevated shipping costs could squeeze Asian refinery margins and push up refined fuel prices.
- Wells Fargo's sentiment indicator flashed a buy signal for the first time since June 2025, after a stock slide fueled by AI worries and elevated oil prices.
Quotes
“Two violating oil tankers were set ablaze and halted due to the explosion of mines planted by the brave sailors of the IRGC Navy at an illegal crossing point in the southern part of the Strait of Hormuz”
“High freight costs have weighed particularly heavily on Asian refineries' net margins, threatening their refined product output, which could then raise global refined product prices”