Brent tops $116 as Middle East tensions sustain premium: Oct 29, 2026
Brent is trading with a risk premium as Middle East tensions and uncertainty around Iran linger. Prices dropped despite the threat of new U.S. strikes on Iran, even as Brent topped $116 per barrel for a second time in October. UBS sees $110 Brent by year-end as Gulf flows stay below prewar levels, while WTI held above $101.00 and European gas hit its highest level since 2022.
Updated
This day is still open. Its readings are published once it closes. The live reading is on the Brent page.
Headlines (8)
Carried over from earlier days
- Oil Prices Drop Despite Threat of New U.S. Strikes on IranOilPrice.com
- WTI Oil picks up above $101.00 as tensions in the Middle East remain highFXStreet
- Brent: Middle East tensions sustain oil risk premium - CommerzbankFXStreet
- Brent: Risk premium holds as Iran uncertainty lingers – INGFXStreet
- Brent crude price tops $116 per barrel for 2nd time in Oct.en.mehrnews.com
- European gas hits highest level since 2022, up 4.35%aa.com.tr
- WTI snaps two-day losing streak amid fresh Middle East developmentsFXStreet
- UBS Sees $110 Brent by Year-End as Gulf Flows Stay Below Prewar LevelsOilPrice.com
Scheduled events
As of
| Event | Forecast | Currency |
|---|---|---|
| Thursday, October 29 | ||
| Advance GDP Price Index q/q | 3.2% | USD |
| Core PCE Price Index m/m | 0.3% | USD |
| Personal Spending m/m | 0.6% | USD |
| Unemployment Claims | 198K | USD |
| Advance GDP q/q | 3.2% | USD |
| Personal Income m/m | 0.3% | USD |
| Gov Council Member Gravelle Speaks | CAD | |
| Natural Gas Storage | 75B | USD |