Oil settles mixed as supply recovery offsets Hormuz shipping risks
December Brent settled at $108.82 and WTI fell 0.7%, as traders weigh rebounding Middle East exports against threats to tankers, according to Dow Jones.
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what happened
Oil prices settled mixed on Wednesday, Dow Jones Newswires reported. Optimism about a recovery in Middle East exports was offset by continued threats to shipping in the Strait of Hormuz and attacks on Saudi Arabia. December Brent closed at $108.82 a barrel, up 3 cents, while West Texas Intermediate fell 0.7% to $97.15.
According to Kpler, flows through Hormuz and alternative routes averaged over 24 million barrels a day in the week to October 18, above the prewar level of 23.3 million. Around 40% of Gulf oil shipments now bypass the strait, per the Wall Street Journal. Refined-product exports are recovering more slowly: the IEA said Middle East output reached 1.9 million barrels a day in September, versus 4.7 million before the conflict.
why it matters
A large geopolitical risk premium remains in prices, so any sign of diplomatic progress between Washington and Tehran could pull oil lower. Diesel tightness persists, with the Singapore gasoil crack at $66.91 a barrel against an average of $18.16 in 2025, according to S&P Global Platts.
market impact
Oil: Hormuz shipping threats support Brent, while diplomatic progress could shrink the risk premium
tags
instruments
sources
- Oil Futures End Mixed as Traders Weigh Supply Recovery Against Shipping Risks — 2nd Update — Dow Jones Newswires, 21 October 2026 at 19:45 UTC
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