Brent Ends the Week Near $104, Up 1.5 Percent, as Tanker Attacks Push Freight Rates to Records

Brent crude traded around $104 a barrel on Friday 9 October 2026 (17 Mehr 1405), at $104.43 according to Trading Economics data, and gained about 1.5 percent over the week. The market moved in a narrow range after Trump announced a deal with Putin to release Russian diesel and the US Treasury issued a temporary general licence; the proposed volume is estimated at about 22.5 million barrels.

Trading Economics writes that the US-Iran conflict has strained shipping: a large fleet of tankers is tied up in ship-to-ship transfers outside the Strait of Hormuz, global freight rates have hit records, and vessel availability on other routes has fallen. In the week ended 12 Mehr 1405 (4 October 2026), attacks on 11 tankers transiting Hormuz were recorded. Trump also said this week that he would not strike Iran before the November midterm elections, citing continuing diplomatic talks.

Trading Economics prices are based on contracts for difference (CFDs) and are not the official Brent benchmark. Oil markets are closed on Sunday 11 October 2026 (19 Mehr 1405), so the first price of the new week will come when trading reopens.